Current State of the Housing Market; Overview for mid-October

Today, in the Calculated Risk Real Estate Newsletter: Current State of the Housing Market

A brief excerpt:

Over the last month …

1. New listings have declined further year-over-year.

2. Mortgage rates have increased further pushing monthly payments up sharply.

3. House prices have started to decline month-over-month (MoM) as measured by the repeat sales indexes.
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The following graph from MortgageNewsDaily.com shows mortgage rates over the last 12 months.

Currently mortgage rates are at a 20-year high. The payment on a $500,000 house with 20% last year, with 3.2% 30-year mortgage rates, would be around $1,730 for principal and interest. The payment for the same house, with prices up 15% and mortgage rates at 7.1%, would be $3,091 - an increase of 79%!
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A week from Thursday, the NAR will release existing home sales for September. This report will likely show another sharp year-over-year decline in sales for September.

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