U.S. home sales tumbled to the slowest pace in nearly a decade as soaring mortgage rates and sky-high prices in 2022 pushed homeownership out of reach for many Americans.
The National Association of Realtors said Friday that existing U.S. home sales totaled 5.03 million last year, a 17.8 percent decline from 2021. That is the weakest year for home sales since 2014 and the biggest annual decline since 2008, during the housing crisis of the late 2000s.
Mortgage rates more than doubled in 2022, climbing to a two-decade high of 7.08 percent in the fall as the Federal Reserve continued to boost its key lending rate in a quest to cool the economy and tame inflation. Home sales slowed from a torrid pace at the start of the year as the surge in borrowing costs limited home hunters’ buying power.
Mortgage rates are likely to remain a significant hurdle with the Federal Reserve consistently signaling its intent to keep raising short-term rates. While inflation has begun to slow,that the central bank needs to keep hiking rates to make sure its job is done. December’s sales sank 34 percent from a year earlier. Excluding the steep slowdown in sales that occurred in May 2020 near the start of the pandemic, sales last month skidded to the slowest annual pace since November 2010.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
2022 was slowest year for US home sales in nearly a decadeSales of previously occupied U.S. homes slumped nearly 18% in 2022, the slowest year for the housing market in nearly a decade.
Les mer »
2022 was slowest year for US home sales in nearly a decadeSales of previously occupied U.S. homes slumped nearly 18% in 2022, the slowest year for the housing market in nearly a decade. business us kprc2 click2houston
Les mer »
2022 was slowest year for U.S. home sales in nearly a decadeU.S. home sales tumbled to the slowest pace in nearly a decade as soaring mortgage rates and sky high prices in 2022 pushed homeownership out of reach for many Americans.
Les mer »
Americans lost $40B to phishing scams in 2022, report findsThe report by TrueCaller shows more Americans are falling prey to these scams, as 68 million Americans fell prey to phishing scams last year.
Les mer »
Downtown San Francisco: Slowest Pandemic Recovery of 62 U.S. CitiesSan Francisco’s downtown has experienced the slowest recovery of any major U.S. city center since the coronavirus pandemic, placing dead last in measurements of cell phone data activity.
Les mer »
Alpine announces sales up by a third in 2022Good news Alpine fans! Strong uptake for A110 special editions deliver record sales for the French marque 🥳
Les mer »