Sales of previously owned homes tumbled in September as home ownership became increasingly unaffordable for many prospective buyers thanks to higher mortgage rates.
Janus Henderson Investors portfolio manager Greg Kuhl discusses how inflation is affecting the real estate market on 'The Claman Countdown.'
Signed contracts to buy previously owned homes in the U.S. plunged more than expected in September asand higher home prices continued to push entry-level homebuyers out of the market. The National Association of Realtors said Friday that its pending home sales index tumbled 10.2% in September compared with the same month one year ago. On a monthly basis, pending home sales dropped 5% — more than double the 2% decline projected by Refinitiv economists.raises interest rates at the fastest pace in decades.
The move puts the key benchmark federal funds rate at a range of 3% to 3.25%, the highest since before the 2008 financial crisis. It also marks the fifth consecutive rate increase this year.In addition to the large rate hike, Fed officials laid out an aggressive path of rate increases for the remainder of the year. New economic projections released after the two-day meeting show policymakers expect interest rates to hit 4.
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