The housing market has shifted from a low-interest rate, low-inventory environment with bidding wars and frenzied activity to a higher interest rate but still low inventory environment.
Job gains continued in October, with 261,000 additional people receiving W-2 statement salaries. There are almost one million more workers now compared to pre-pandemic.
The 30-year fixed mortgage rate fell to 6.95% this week from 7.08% the previous week; it seems that rates have already priced in some of the effects of the Fed's higher interest rates.
Even with the Federal Reserve raising its short-term fed funds rate by another large amount, longer-term interest rates look to move only slightly.
September's pending home sales pace weakened 10.2% last month and fell 31.0% from a year ago.
The 30-year fixed mortgage rate rose to 7.08% from 6.94% the previous week, increasing the monthly mortgage payment by $1,000.
Data shows that there are more multifamily than single-family units under construction.
September 2022's existing-home sales reached a 4.71 million seasonally adjusted annual rate, declining 23.8% from September 2021.
Mortgage rates rose to 6.94% this week, near the 7% benchmark that could be considered the new normal for mortgage rates.
Housing starts weakened in September 2022, driven by insufficient single-family home construction and multifamily apartment building.
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