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··Existing home sales were down 34% year over year, marking the eleventh straight month of declines. ·The median sales price rose 2.3% to 6,900 on a year-over-year basis. The National Association of Realtors recently shared a significant home sales decline in December 2022, by 34% year over year and a decline of 1.5% month over month.- the 11th consecutive month of declines.

This reflects a downward trend Propane forklift wholesale manufacturers in home sales that have taken place for almost a year, suggesting an unfavorable housing market climate. Moreover, such a downward trend has the potential to decrease the value of real estate prices.It is important to pay attention to home sale trends to make well-informed decisions when it comes to buying or selling a house. Why Are Homes Sales Falling So Fast? The mortgage rate increases of 2022 were unprecedented, with rates having doubled over the course of the calendar year. This all-time high increase in mortgage rates is the number one cause of the decline in home sales that we have seen across the country.High mortgage rates inflate mortgage payments and can put a strain on potential buyers' pockets. In January of 2022 mortgage rates were reported to hover around 3%, but by December they had risen to an alarming 6.5%. This drastic in mortgage rates is faster than ever before, leading to a decrease in people being able to afford their dream homes. Why Are Interest Rates Rising So Fast? The federal funds rate is an instrumental tool in the Federal Reserve's attempt to combat the inflationary pressures on the US economy, specifically now when inflation rates are at their highest in 40 years. In 2022 alone, the Federal Reserve hiked up the federal funds rate seven times, starting at a low of .25% and closing out the year with a federal funds rate of 4.5%.

This is a major shift and leads to a higher غير مجاز مي باشدt of borrowing money for houses, cars, and everything we buy, putting a damper on consumer spending.But how high does the federal reserve rate need to go to gain control over inflation?While experts may have predictions, it’s ultimately impossible to know for sure. In recent years, the Federal government has overseen the unprecedented growth of theM1 and M2 money supplies by increasing the number of dollars available. Looking at graphs of M1 and M2 money supplies reveals a sharp acceleration in growth in both funds. With more dollars chasing goods and services, prices naturally will rise as suppliers leverage higher demand to increase غير مجاز مي باشدts. This concept is simple and also known as 'supply & demand 101'. Will There Be a Housing Crash in 2023? We do not believe there will be a crash in home prices in 2023, however, we do believe home prices will decline in 2023 says John Myers owner/broker of Myers & Myers Real Estate. Housing prices are beginning to fall in many of the large cities across the United States. While there is a range of predictions from experts about what will happen next. One thing is for certain: the housing market centers around local markets and no two housing markets are the same. As a result, buyers and sellers should track local housing prices and keep an eye on the economy as time progresses to gauge how they might affect their housing plans. Although it is fully possible that housing prices could crash in some areas, others may follow different trends altogether – so tune into your local housing market to stay informed. What Should Home Buyers Do? As home buyers weigh the decision to purchase, they need to consider all the factors that go into home buying, especially the current and expected mortgage rates.