U.S. home sales tumbled to the slowest pace in nearly a decade as soaring mortgage rates and sky high prices in 2022 pushed homeownership out of reach for many Americans.
LOS ANGELES — The National Association of Realtors said Friday that existing U.S. home sales totaled 5.03 million last year, a 17.8% decline from 2021The median national home price for all of last year jumped 10.2% to $386,300, the NAR said, and it’s up 42% from 2019The National Association of Realtors said Friday that existing U.S. home sales totaled 5.03 million last year, a 17.8% decline from 2021.
Mortgage rates more than doubled in 2022, climbing to a two-decade high of 7.08% in the fall as the Federal Reserve continued to boost its key lending rate in a quest to cool the economy and tame inflation. Home sales slowed from a torrid pace at the start of the year as the surge in borrowing costs limited home hunters’ buying power.
Mortgage rates are likely to remain a significant hurdle with the Federal Reserve consistently signaling its intent to keep raising short-term rates. While inflation has begun to slow, some Fed officials maintain that the central bank needs to keep hiking rates to make sure its job is done. December’s sales sank 34% from a year earlier. Excluding the steep slowdown in sales that occurred in May 2020 near the start of the pandemic, sales last month skidded to the slowest annual pace since November 2010.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Good riddance: S.A. freeze destroyed 3 pesky plantsSan Antonio's December 2022 freeze was nearly as serious as the 2021 February freeze, but...
Weiterlesen »
Tech stocks are back: The market now is starting to look like it did in 2021The leadership this year looks like the inverse of 2022 and a lot like 2021.
Weiterlesen »
'Sister Wives' Star Gwendlyn Says Christine Gave Janelle Independence'Sister Wives' stars Kody and Gwendlyn Brown are updating fans about Janelle Brown, who recently announced her separation from Kody after nearly 30 years of marriage.
Weiterlesen »
These 10 Used Cars Just Got Way CheaperAverage Price Dec 2022: $33,621Price Change from 2021: -$6846% Change from 2021: -16.9 percentCheck out our review of the Nissan Z
Weiterlesen »
These 10 Used Cars Just Got Way CheaperAverage Price Dec 2022: $33,621Price Change from 2021: -$6846% Change from 2021: -16.9 percentCheck out our review of the Nissan Z
Weiterlesen »
Alpine posts 33 per cent global growth in sales in 2022 | Evo2022’s been an encouraging year from alpinecars ahead of its huge expansion plans, with the marque posting a 33 per cent increase in global registrations -
Weiterlesen »