US home sales fell in November, the 10th consecutive month.
Sales plunged 35.4% from November last year. Excluding the steep sales downturn that occurred in May 2020 at the start of the pandemic, sales are now at the slowest annual pace since November 2010, when the housing market was mired in the aftermath of the foreclosure crisis of the late 2000s.
“We have this strange market where there are fewer buyers and fewer transactions, yet due to the limited supply some multiple offers are still happening and homes are still selling reasonably fast,” Yun said. That increase can add hundreds of dollars to monthly mortgage payments and also can discourage homeowners who locked in a far lower rate the last couple of years from buying a new home.
The federal funds rate now stands at a range of 4.25% to 4.5%, the highest level in 15 years. Fed policymakers have forecast that the central bank’s rate will reach a range of 5% to 5.25% by the end of 2023. “And if that’s the case, I think the housing market will see some steady rebound in terms of sales activity,” Yun said.
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