Sunday 6 November 2022 05:28 PM Green shoots of recovery in housing market? Cautious optimism as numbers trend ... trends now
Green shoots of recovery in housing market? As mortgage rates dipped below 7%, pending sales RISE, homebuyer demand increases slightly and mortgage applications level off - but third fewer homes were sold in October
The final week in October showed a slight uptick in some key measures of the US housing market The general health of the market remains poor as most activity remains down about 30% year-over-year Sales have cooled off by as much as 50% in some pandemic boomtowns, like Miami, Las Vegas and Phoenix Redfin's deputy chief economist said the Federal Reserve has 'brought into view the light at the end of the tunnel for slowing the pace of interest rate hikes' By Sophie Mann For Dailymail.Com
Published: 17:16 GMT, 6 November 2022 | Updated: 17:16 GMT, 6 November 2022
A new report suggests several elements of the homebuying market stabilized during the final week of October, though home sales remained down about one-third for the month compared to last year.
The report, from redfin.com, points to a handful of measures that suggest the housing market is ticking up following a disastrous few months as mortgage rates skyrocketed.
During the final week of October, mortgage rates dipped slightly to 6.95% and google searched for 'homes for sale' ticked up from the previous week.
Taylor Marr, the Deputy Chief Economist for the tech-powered real estate brokerage said that the Federal Reserve recently 'brought into view the light at the end of the tunnel for slowing the pace of interest rate hikes, but that the tunnel’s exit may be more dreadful than expected.'
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