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Home Sales Plunge To Great Recession Levels As ‘Frozen’ Housing Market Adjusts To Elevated Mortgage Rates

By: Lexi Malen

This article offers a national perspective, in Michigan the numbers are “harsher” as the winter months see very little inventory, demand slips as many do not want to buy over the holidays or in deep winter months.  The silver lining is that rates have come down which will help slightly with payment affordability.  I do not think the numbers will change much over the coming months, but I am optimistic that when we come into late spring the housing market will start to normalize further.  We are here for any conversations and happy to help!

 

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Article:

Home Sales Plunge To Great Recession Levels As ‘Frozen’ Housing Market Adjusts To Elevated Mortgage Rates

Source: www.msn.com

Article Highlights

  • There were 4.09 million existing homes sold last month, dropping 7.7% from October and falling short of the roughly 4.20 million in sales economists predicted.
  • Mortgage rates have declined considerably over the past month, with the 30-year rate slipping from 7.08% to 6.31% from November 10 to December 15, still far past last December’s 3.12% rate

     

     

 

 

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