Existing Home Sales Fall To 14-Year Low As Home Affordability Crisis Squeezes American Families

[mystery-ak]

Existing Home Sales Fall To 14-Year Low As Home Affordability Crisis Squeezes American Families

John Carney 23 Oct 2024

Home sales fell to the lowest level in 14 years, as high home prices, inflation-depleted savings, still-elevated mortgage rates, and election uncertainty kept buyers on the sidelines

Sales of existing homes—which make up most real estate transactions in the U.S.—fell by one percent to an annual rate of 3.84 million in September, the National Association of Realtors said Wednesday.

Economists had forecast a stronger 3.9 million sales figure for the month. Sales fell by about 2.5 percent in the prior month.

This is the lowest level of existing home sales since October 2010, when the housing market was still staggering from the bursting of the mortgage bubble and the financial crisis.

Sales declined despite interest rates falling in September. On average, the 30-year mortgage rate was 6.18 percent in September. It is now higher, at 6.44 percent, and is expected to keep rising as long-term Treasury yields rise.

Most polls show that Americans trust Donald Trump more on the economy, often by margins of eight to ten percent. In September, however, election projections favored Kamala Harris to win the presidency, likely stirring fears that the economy would suffer next year. A recent poll by YouGov for the Economist found that Americans are much more likely to say Harris would hurt the economy than help it.

Home prices are still rising. In September, the median existing-home price for all housing types in September was $404,500, up 3.0 percent from one year ago. Compared with five years ago, when Donald Trump was president, home prices are up 50 percent. The cost of buying and owning a home—including insurance, maintenance, and interest—is up by much more than that.

Many Americans have had to deplete their savings thanks to inflation fueled, at least in part, by the Biden-Harris deficit spending programs that have pushed national debt to record highs.

https://www.breitbart.com/economy/2024/10/23/existing-home-sales-fall-to-14-year-low-as-home-affordability-crisis-squeezes-american-families/

[DefiantMassRINO]

More owner-occupied housing needs to be built, especially 3+ bedrooms, 1.75+ baths for young families.

Investor-owned housing won't allow occupants to build generational wealth.

Over 55+ housing ignores young working families that are needed to keep the economy growing.

[berdie]

I'm not sure that prices can drop enough for the average person/family to be able to afford a house. Especially when you add in taxes and insurance.

I live in the boonies in a house I bought 40 years ago. Sometimes I think I should move closer to family and doctors. But I look at housing/apartment prices and just know it's out of reach.

[Bigun]

I'm not sure that prices can drop enough for the average person/family to be able to afford a house. Especially when you add in taxes and insurance.

I live in the boonies in a house I bought 40 years ago. Sometimes I think I should move closer to family and doctors. But I look at housing/apartment prices and just know it's out of reach.

Help get the Fairtax as the law of the land and watch what happens!

(At least 10% economic growth in the USA for the next ten years.)