US home sales fell nearly 8% last month, posting their longest streak of declines in 23 years

Dec 21 2022 by Business Insider

 
A home for sale.

FREDERIC J. BROWN/AFP via Getty Images

Existing home sales have fallen for 10 consecutive months, the longest slump since 1999, according to data from NAR. That's a sign rising rates are weighing on the housing market, with the average rate for a 30-year mortgage surpassing 7% earlier this year. But a dip mortgage rates in recent weeks means demand could soon start to pick up, NAR's chief economist said.

Sales of existing homes have now dropped for 10 straight months,...

Continue Reading US home sales fell nearly 8% last month, posting their longest streak of declines in 23 years