A quick snapshot shows the resilience of the American spirit in putting things back to normal after a major storm.
Mortgage rates rose by more than one percentage point in September 2022, making home buying 12% more expensive now than it was a month ago.
August's pending home sales pace weakened 2.0% last month and fell 24.2% from a year ago.
It is wise to promote a property's green or high-performance aspects to potential buyers, more than half of whom have expressed interest in such information.
Fewer buyers can afford to purchase in today's market, but in many areas of the country, the market does remain a seller’s market.
Mortgage rates surged this week as the Federal Reserve raised short-term interest rates by another 0.75 of a percentage point.
Housing market activity this August fell 0.4% from July 2022 and 19.9% from August 2021, marking the seventh consecutive month of declines.
In August 2022, single-family housing starts rose 3.4%, thereby stopping five straight months of decline.
The 30-year fixed mortgage rate rose to 6.02% from 5.89% the previous week, reaching their highest level since 2008.
Consumer prices are still rising too aggressively and will force the Federal Reserve to take an even more hawkish stance to fight them; the overall CPI rose 8.3% from one year ago.
Search Economists' Outlook