- 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.”
