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The silver lining in the existing home sales report

On Thursday the National Association of Realtors reported that we had a 23.8% year-over-year decline in existing home sales in September and total inventory has now fallen on back-to-back reports. With such massive home-price growth in 2020 and 2021 breaking my affordability model, I knew we were at high risk of a more significant sales decline than usual if the 10-year yield broke over 1.94%, which meant 4% + mortgage rates. With mortgage rates breaking above 4%, we are now over 7%. Sales are declining faster than we have seen in the past when rates rose, reeling from the affordability hit from massive price gains since 2020, along with an explosive mortgage rate run-up. Rates have gone up so fast that new listing data has declined since the end of June. . . .

Read more at www.housingwire.com