Pending home sales in October reached their lowest point in over two decades, falling to levels not seen since 2001. The sharp decline can be attributed to a significant increase in mortgage rates, which reached a staggering 8%. Despite this overall slump, the Northeast region managed to buck the trend and saw a modest increase in monthly home transactions.
Key Points:
– Pending home sales in October plummeted to their lowest level since 2001.
– The decline can be attributed to mortgage rates soaring to 8%.
– The Northeast region experienced an unexpected increase in monthly home transactions amidst the overall decline.
You can read this full article at: https://www.housingwire.com/articles/pending-home-sales-fall-to-their-lowest-level-in-two-decades/(subscription required)
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