General World News

Why home prices haven’t crashed even with high mortgage rates

The most underreported housing story I’ve seen this year is that even with mortgage rates rising to 8%, the number of homes that took price cuts before they sold was 4% below 2022 levels. This happened even with higher home prices and higher mortgage rates in 2023.

Weekly housing inventory data

We will start with the price cut data percentage because it deserves a detailed explanation. 2022 was a historic year for housing as we had the most significant home sales crash ever, and mortgage rates went from 3% to 7% in the same year. That type of move details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com