Second-hand home sales in the USA carried their decline to the 10th month

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Second-hand home sales in the USA carried their decline to the 10th month. Second-hand home sales in the country fell to the lowest level since May 2020 due to high mortgage interest rates

Second-hand home sales in the US fell for the 10th consecutive month, decreasing by 7.7 percent in November due to the impact of higher mortgage (home loan) interest rates. National Association of Realtors (NAR) announced second-hand home sales data for November. Accordingly, second-hand house sales in the country decreased by 7.7 percent on a monthly basis in November, adjusted for seasonal effects, to 4.09 million. It was predicted that second-hand house sales, which carried the decline to the 10th month, would realize at the level of 4.2 million. Second-hand house sales, which fell to the lowest level since May 2020, decreased by 5.9 percent to 4.43 million in October. Second-hand house sales in the country decreased by 35.4 percent in November compared to the same month of the previous year. The median house prices in the second-hand market in the USA increased by 3.5 percent on an annual basis in November, reaching 370 thousand 700 dollars. NAR Chief Economist Lawrence Yun, whose views were included in the statement, stated that the rapid increase in mortgage interest rates was effective in the decline in housing sales. Pointing out that the current housing stock continues to remain close to historical lows, Yun stated that the market may unravel due to the decline in mortgage interest rates for five consecutive weeks. On the other hand, according to Mortgage Banks Association (MBA) data, mortgage applications increased by 0.9 percent last week compared to the previous week. The average interest rate for 30-year mortgages in the US fell from 6.42 percent to 6.34 percent, the lowest level since September. The average interest rate for a 30-year mortgage in the country exceeded 7 percent at the end of October, reaching the highest level recorded since 2001.



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