“This is the lowest existing home sales level since November 2015. A decade’s high mortgage rates are preventing consumers from making quick decisions on home purchases. All the while, affordable home listings remain low, continuing to spur underperforming sales activity across the country.”
Let’s take a deeper look:
“The rise in [mortgage] rates paired with this very strong price appreciation absolutely is slowing housing,” saidFannie Mae’s Chief Economist Doug Duncan.