High mortgage rates have brought residential property sales to their lowest level since the 2008 subprime crisis. According to Freddie Mac, the average rate on a 30-year fixed rate mortgage rose to 7.57%, putting a damper on aspiring homebuyers. Furthermore, home buying affordability is at the lowest level since 1985—largely due to supply-side constraints, and is likely to be a persistent obstacle for consumers.
Residential Property Sales Drop to Lowest Level Since 2008
Published on October 20, 2023
Recent News
WSJ: Strain on Small and Large Banks in the CRE Sector
July 12, 2024
Michael Bright Featured in RealClearMarkets
July 2, 2024