Posted 10/16/2023, 5:06:25 PM
Home Sales Plunge to 2008 Crisis Lows as High Mortgage Rates Deter Buyers
- Home sales expected to plunge to lows not seen since 2008 financial crisis as rates deter buyers
- Economists say property market is in a 'prolonged freeze' with rates high through 2024
- Existing home sales fell 15.77% in August 2022 compared to August 2021
- Average 30-year mortgage rate hit 7.57% in October - a two-decade high
- Median house price reached $407,100 in August 2022, up over $100k since December 2019
