Housing Market ‘Dead’ From High Prices

NEW YORK, NEW YORK - AUGUST 26: Traders work on the floor of the New York Stock Exchange (NYSE) on August 26, 2022 in New York City. The Dow Jones Industrial Average dropped more than 1000 points following a speech by federal Reserve Chairman Jerome Powell that the Fed will again raise interest rates as inflation continues to drag on the American economy. (Photo by Spencer Platt/Getty Images)

At a glance

  • Home sales declined dramatically over the last year due to high prices and interest rates.
  • The average 30-year fixed-rate mortgage rose to 6.29 percent last week, the highest since 2008, causing monthly mortgage rates to increase about 45 percent compared to the previous year.
  • Jonathan Miller, chief executive of New York appraisal firm Miller Samuel, added that home prices are “sticky on the downside … meaning that when markets fall, sellers are reluctant to take a lower price because they stick to the value they think it’s worth.”

 

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