The housing market is in the midst of a correction caused by high mortgage rates, with prices declining again in November as consumer demand evaporates.
Strategic Wealth Partners CEO Mark Tepper discusses the weak U.S. housing market and predicts a massive spike in unemployment by the end of 2023.continued to weigh on consumer demand for new houses.
Prices slid 0.6% nationally in the period from October to November, the fifth consecutive monthly decline, the S&P CoreLogic Case-Shiller index showed on Tuesday. "The home price data released today do not account for the full impact of rising mortgage rates, which were above 7% early in November, and led to a significant pullback in buyer activity," said Lisa Sturtevant, the chief economist at Bright MLS.
The Case-Shiller index reports with a two-month delay, meaning it may not capture the latest slowdown in the market. Even with higher interest rates putting homeownership out of reach for millions of Americans, prices are still steeper than just one year ago. The median price of an existing home sold in December was $372,700, a 2% increase from the same time a year ago. This marks the 130th consecutive month of year-over-year home price increases, the longest-running streak on record, according to a separate report published last week by the
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