Excerpt:
The second graph shows existing home sales by month for 2021 and 2022.There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/ (Most content is available for free, so please subscribe).
Sales declined 23.8% year-over-year compared to September 2021. This was the thirteen consecutive month with sales down year-over-year.
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Existing home sales are being impacted by higher mortgage rates. Rates have increased sharply in October, and that will impact closed sales in November and December - so I expect further declines in sales later this year.
