With Prices Elevated, U.S. Home Sales Plunge
With Prices Elevated, U.S. Home Sales Plunge Heading link
Yahoo! News quoted Dan McMillen, McMillen, head of the Stuart Handler Department of Real Estate, in a story about a key index of the U.S. housing market plummeted as elevated home prices and soaring mortgage rates push potential homeowners onto the sidelines. The National Association of Realtors on Friday said existing home sales dropped 5.9% last month.
McMillen says those looking to buy might consider saving a little longer, or putting in an offer for a cheaper home. “So, it may mean that you have to wait a little bit longer than you would’ve before to buy a house and you might not be able to buy as much house as you had before, but it doesn’t mean that you’re never going to be able to buy.”
Modified on November 29, 2022