Residential Property Sales Drop to Lowest Level Since 2008

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.

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