{"id":1818113,"date":"2023-01-21T06:51:32","date_gmt":"2023-01-21T11:51:32","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1818113"},"modified":"2023-01-21T06:54:58","modified_gmt":"2023-01-21T11:54:58","slug":"existing-home-sales-fall-to-lowest-level-since-2010","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/existing-home-sales-fall-to-lowest-level-since-2010\/","title":{"rendered":"Existing Home Sales Fall to Lowest Level Since 2010"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fexisting-home-sales-fall-to-lowest-level-since-2010%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1818113&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\">\n<div class=\"caption\">\n<p>Douglas Elliman executive director of sales Dina Goldentayer discusses Florida\u2019s red-hot housing market as demand continues to rise on \u2018Mornings with Maria.\u2019\u00a0<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>The 11th consecutive month of December saw a slowdown in U.S. home sales <a href=\"https:\/\/foxbusiness.com\/category\/home-mortgage\" target=\"_blank\" rel=\"noopener\"><u>higher mortgage rates<\/u><\/a>Inflation and high home prices have slowed consumer demand for housing.\u00a0<\/p>\n<p>The National Association of Realtors released new data Friday showing that sales of previously owned homes fell by 1.5% in December compared to the previous month. They now sell at an annual rate of 4.02million units. Annually, sales of existing homes are down 34% compared with December 2021.\u00a0<\/p>\n<p>This is the slowest pace in the United States since November 2010, when it was still battling the housing crisis caused by subprime defaults.<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/09\/931\/523\/Home-Sales-Mortgage-Rates.jpg?ve=1&#038;tl=1\" alt=\"Massachusetts home for sale in 2020\"   style=\"display:none\"><\/div>\n<div class=\"caption\">\n<p><span>A &#8220;for sale&#8221; A sign is displayed in front a Westwood, Massachusetts house on October 6, 2020.<\/span><span> (AP Photo\/Steven Senne, File \/ AP Newsroom)<\/span><\/p>\n<\/div>\n<\/div>\n<p>&#8220;December was another difficult month for buyers, who continue to face limited inventory and high mortgage rates,&#8221; Lawrence Yun, chief economist at NAR, stated in a statement. &#8220;However, expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.&#8221;<\/p>\n<p>According to the report, there were approximately 970,000 homes on the market at the end December. This is a decrease of 13.4% compared to November, but an increase of 10.2% compared with one year ago. The average sale of homes took 26 days. This is a significant improvement on the 24 days November saw and the 19 days last year. Homes used to sit on the market for around a month before they were sold.<\/p>\n<p>The current sales pace would mean that it would take around 2.9 months for all existing homes to be sold. Experts believe that a pace of 6 to 7 months is a healthy pace.\u00a0<\/p>\n<p>The brunt of the burden has been on the interest-rate-sensitive housing market. <a href=\"https:\/\/foxbusiness.com\/category\/the-fed\" target=\"_blank\" rel=\"noopener\"><u>Federal Reserve&#8217;s<\/u><\/a> aggressive campaign to tighten policy, slow down economy\u00a0<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/07\/931\/523\/GettyImages-1241733217.jpg?ve=1&#038;tl=1\" alt=\"Housing market\" \/><\/div>\n<div class=\"caption\">\n<p><span>The current sales pace would mean that it would take around 2.9 months for all existing homes to be sold. Experts consider a pace of six to 7 months to be healthy.<\/span><span> (Jeremy Erickson\/Bloomberg via Getty Images \/ Getty Images<\/span><\/p>\n<\/div>\n<\/div>\n<p>In order to curb inflation, policymakers have already raised the benchmark federal funds rates seven times consecutively in 2022.\u00a0<\/p>\n<p>The average mortgage rate is still below the peak of 7.08% in November. The average mortgage rate is a <a href=\"https:\/\/foxbusiness.com\/category\/home-mortgage\" target=\"_blank\" rel=\"noopener\"><u>30-year fixed mortgage<\/u><\/a> According to data from Freddie Mac mortgage lender, rates fell to 6.15% in this week. However, this is still significantly higher than the rates of just one year ago (when they hovered around 3.56%).<\/p>\n<p>However, prices are still higher than they were one year ago, despite the fact that homeownership is no longer affordable by millions of Americans due to higher interest rates. December&#8217;s median sale price for an existing home was $372,000. This represents a 2% increase over last year. This is the longest-running streak of home price increases year-over-year, at 130 consecutive months.\u00a0<\/p>\n<p><a href=\"https:\/\/foxbusiness.onelink.me\/Zkcx?pid=AppArticleLink&#038;af_dp=foxbusinesssaf%3A%2F%2F&#038;af_web_dp=https%3A%2F%2Fwww.foxbusiness.com%2Fapps-products\" target=\"_blank\" rel=\"nofollow noopener\"><strong><u>GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/u><\/strong><\/a><\/p>\n<p>However, prices have slowed slightly since peaking at $413,800 in June.<\/p>\n<p>&#8220;The housing market is reeling from years of under-building, economic uncertainty and high interest rates,&#8221; Jeffrey Roach (chief economist at LPL Financial) added: &#8220;Given the confluence of these factors, housing affordability is the lowest since the mid-1980s.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Douglas Elliman executive director of sales Dina Goldentayer discusses Florida\u2019s red-hot housing market as demand continues to rise on \u2018Mornings with Maria.\u2019\u00a0 The 11th consecutive month of December saw a slowdown in U.S. home sales higher mortgage ratesInflation and high home prices have slowed consumer demand for housing.\u00a0 The National Association of Realtors released new &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1705466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[9103,5458,15871,8859,9049,11226,3819,5219],"class_list":["post-1818113","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-9103","tag-bongino","tag-existing","tag-fall","tag-level","tag-lowest","tag-report","tag-sales"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1818113","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1818113"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1818113\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1705466"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1818113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1818113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1818113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}