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The US housing market has been affected by increasing mortgage rates, which have made it more difficult for buyers to afford real estate. According to a recent study by Realtor.com® using CoreLogic data, existing-home sales decreased by 36% in November 2022 compared to the same month the previous year. This decline was most pronounced in metropolitan regions across the Sun Belt, where housing prices had been driven up significantly in recent years, but also affected other parts of the country.
The decline in sales was due in part to a significant increase in mortgage rates, which reached over 7% in late October and early November, more than double the rate from the previous year. This resulted in a 75% increase in the average monthly payment, making it difficult for buyers who needed a mortgage to purchase a home, and as a result, a lot of buyers backed out from the housing market. And the current rise of the MLS listings Nationwide is the direct result of the buyers backing out from the housing market, with not a lot of new listings being listed on MLS. Is this a sign of the US housing market is slowing down?
The study identified the top 10 US cities with the worst home sales growth, with Tucson, Arizona, experiencing the greatest decline in sales, followed by Las Vegas, Nevada, and Charleston, South Carolina. Other cities on the list included Ventura, California; Salt Lake City, Utah; Jacksonville, Florida; Colorado Springs, Colorado; Atlanta, Georgia; Raleigh, North Carolina; and Washington, DC.
Let’s See Which 10 US Cities Experienced the Worst Home Sales Growth?
- Tucson, Arizona
- 2,248 sales in November 2021, and 789 sales in November 2022. Change from the prior year: -64.9%
- Las Vegas, Nevada
- Sales for November 2021 were 4,058; for November 2022, 1,615. Change from the prior year: -60.2%
- Charleston, SC
- 1,513 sales in November 2021, and 633 sales in November 2022. Change from the prior year: -58.2%
- Ventura, California
- Sales for November 2021 were 685 and for November 2022 were 321. Change from the prior year: -53.1%
- Salt Lake City, Utah
- Sales for November 2021 were 1,506 and for November 2022 were 708. Change from the prior year: -53.0%
- Jacksonville, Florida
- Sales for November 2021 were 3,528 and for November 2022 were 1,687; the year-over-year decline was -52.2%.
- Colorado Springs, Colorado
- Sales for November 2021 were 1,599, and for November 2022, 827. Change from the prior year: -48.3%
- Atlanta, Georgia
- Sales for November 2021 were 11,293; sales for November 2022 were 5,932; the year-over-year decline was -47.5%.
- Raleigh, North Carolina
- Sales for November 2021 were 2,419, and for November 2022, 1,281. Change from the prior year: -47.0%
- Washington, DC
- 5,305 units were sold in November 2021, 2,877 in November 2022, and the Change from the prior year was: -45.8%
Overall, the data suggest that the US housing market has experienced a significant slowdown, with affordability being a major challenge for many prospective buyers. While the decline in sales is likely to be a concern for the industry, it could also provide an opportunity for those looking to buy a home in the affected areas, as prices may become more reasonable in the future. Buyers have to be financially prepared to take advantage of the situation, such as maintaining a Good Credit Score, beating financially stable, getting rid of their existing debt, having some cash funds available such as for down payment and closing costs, and getting pre-approved by a lender.
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