US Existing-Home Sales Fall to Lowest Level Since 2010
The National Association of Realtors (NAR) recently reported that existing-home sales had fallen to a seasonally adjusted annual rate of 4.09 million in November, marking a 10th consecutive monthly decline and the lowest level since November 2010. This drop was an unprecedented 37% over the same period last year and 35.4% compared to this past November. These numbers represent a stark reality for those looking to buy or sell homes in the US right now. Let’s take a closer look at what this news means for buyers and sellers alike.
Impact on Buyers
For those looking to purchase a home in the US, these numbers may be disheartening. With fewer available homes on the market, buyers are likely competing for fewer listings – meaning prices could be higher, particularly in competitive markets where inventory is already low. Furthermore, as mortgage rates have increased dramatically this year, buyers may find themselves paying more for less house.
Impact on Sellers
In contrast, those selling their homes during this time will likely benefit from increased competition between prospective buyers as well as limited inventory overall. While it is not guaranteed that prices will rise due to the lack of homes on the market – especially with mortgage rates being so high – sellers should expect it to take longer to sell their homes.
Impact on Real Estate Professionals
Real estate companies, mortgage brokers, title companies and other real estate related industries should take note of these trends as well; with fewer existing-home sales occurring each month, real estate related industries are likely seeing their profits decrease accordingly while also having to compete against one another more fiercely than ever before for clients. That said, all real estate related industries should stay up-to-date with industry news and trends so that they can best advise their clients on how to navigate these uncertain times in real estate.
Conclusion
All in all, it’s clear that US existing-home sales have declined dramatically due to a variety of factors impacting both buyers and sellers alike. It goes without saying that this news has far reaching implications for everyone involved in real estate transactions; from homebuyers searching for their dream house amidst limited availability, to industry professionals struggling to survive amidst fierce competition and declining revenue sources from fewer sales transactions overall. Despite these challenges however, it is important that industry professionals remain informed about market trends so they can continue providing valuable services for their clients during these uncertain times.
This article was published on 12/22/2022 by Myers & Myers Real Estate. Average home prices in Albuquerque have remained strong.
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