The U.S. housing market’s recession is deepening.
The October National Association of Home Builders (NAHB) Housing Market Index declined for the tenth consecutive month, clocking in at a decade low of 38. Not only was this below market forecasts of 43, but it was also half the level it was six months ago.
From soaring interest rates to elevated home prices to building material snafus, the U.S. real estate market is in shambles.
Within the monthly snapshot of the real estate market, current sales conditions dropped nine points to 45, sales expectations tumbled 11 points to 35, and traffic if prospective buyers slipped six points to 25.
“High mortgage rates approaching 7% have significantly weakened demand, particularly for first-time and first-generation prospective home buyers,” said NAHB Chairman Jerry Konter in a statement.
According to Freddie Mac, the 30-year fixed-rate mortgage rose 26 basis points from last week to 6.92%. The 15-year FRM jumped 19 basis points to 6.09%.
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