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Existing Home Sales Up 1.5% Month-over-Month · Purchasing Power Declines Amid Rising Mortgage Rates

Zero Hedge +2 ·

  1. 1Existing home sales recorded a 1.5% increase month-over-month, which is higher than the expected -0.8% month-over-month change.
  2. 2Realtor.com Chief Economist Danielle Hale stated that interest rate recalibrations over the past five weeks have reduced purchasing power for buyers across all budget ranges by more than 6%.
  3. 3NAR Chief Economist Lawrence Yun said that the outlook for contract completion activity in the fourth quarter will clearly decline.

So what's the key point?

The number of homes sold increased by 1.5%, which was higher than what experts expected. However, because interest rates rose and people's ability to buy has decreased, home transactions are expected to decline in the future.

Source Zero Hedge +2 · View original ↗

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