Sales of existing homes have been declining for the past half year:
“Without a doubt there is a clear shift in the market, as evidenced by lower sales and more inventory,” said Lawrence Yun, the trade group’s chief economist. “We’re also seeing soft data in foot traffic. [It] has notably slowed in previously super heated markets.”…Meanwhile, mortgage rates have risen in the past year and appear to be nearing 5%, a threshold analysts say could deter many from purchasing a home. The average interest rate on a 30-year fixed-rate mortgage in September was 4.63%, up from 4.03% in January, according to Freddie Mac.
Hum de hum. Just another data point in our strong yet somehow skittish economy.