US Housing Market Shrinks in September: Rising Mortgage Rates, Declining Home Sales and Housing Starts
- 1According to National Association of Realtors data, pending home sales fell 7.3% in September and decreased 11.3% compared to the previous year.
- 2Mortgage News Daily reported that the average 30-year fixed mortgage rate rose from 6.8% in early September to 7.6% in late September.
- 3The US Census Bureau announced that single-family housing starts fell 4.56% in September, recording 859,000 units annually.
So what's the key point?
Both home purchases and new home construction decreased in the US. This contraction in the housing market occurred as mortgage rates rose to 7.6%.
Source CNBC · View original ↗
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