『US Housing Market Hits 10 Year Low as Mortgage Rates Soar Above 7 Percent』のカバーアート

US Housing Market Hits 10 Year Low as Mortgage Rates Soar Above 7 Percent

US Housing Market Hits 10 Year Low as Mortgage Rates Soar Above 7 Percent

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The US housing market has weakened sharply over the past 48 hours, with high mortgage rates, rising construction costs and cautious consumers deepening the slowdown. The National Association of Home Builders housing market index fell to 29 in October, down from 32 in September and its lowest level since June 2012.[1] The decline was worse than economists expected. Prospective buyer traffic dropped five points to 18, while builders’ six month sales expectations fell to 32.[3] Mortgage costs remain the central obstacle. Freddie Mac reported that the average 30 year fixed rate reached 7.4 percent last week, its highest level in nearly three years.[5] Compared with 6.66 percent in late August, the increase has reduced a typical buyers purchasing power by about 22000 dollars.[2] Existing homeowners are also reluctant to sell because moving would replace older low rate mortgages with much more expensive loans. Builders are responding with increasingly aggressive incentives. Forty three percent cut prices in October, the highest share since 2020, with the average reduction holding at 6 percent for the seventh consecutive month.[3] Nearly two thirds offered incentives such as temporary mortgage rate buydowns.[10] New construction is becoming relatively more affordable. The median new single family home sold for about 393700 dollars in August, roughly 10 percent below the 433600 dollar median existing home price.[10] However, builders face higher construction loan costs, materials prices, diesel expenses and labor shortages. More than one third reported immigration enforcement activity in their markets, contributing to delays and worker absences.[10] Compared with previous reporting, the market has shifted from constrained supply toward weak affordability and selective discounting. Demand still exists, but higher rates and uncertainty are pushing buyers aside, forcing builders to trade margin for sales and leaving the industry vulnerable to further deterioration if borrowing costs remain above 7 percent. For great deals today, check out https://amzn.to/44ci4hQ
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