REIT - Home Sales Whacked By Mortgage Rates; Active Listings And Price Reductions Jump To Highest In Years
2024-05-23 06:00:00 ET
Summary
- Sales of existing homes of all types were still dogged by the 7% mortgage rates, but a shift has been taking place that took amplitude in April.
- The seasonally adjusted annual rate of sales late last year had been the lowest since the depth of the Housing Bust in 2010.
- The median price of condos whose sales closed in April rose to $365,300, a new record, amid similar shifts in sales to the higher end.
The surge in sales of high-end homes changed the mix and thereby skewed the median price. ...
Home Sales Whacked By Mortgage Rates; Active Listings And Price Reductions Jump To Highest In Years