In the US, the number of homes sold fell for the eleventh consecutive month. Home sales also fell to their lowest level since November 2010, when the U.S. real estate market was hit by the credit crisis.
Why is this important?
The Federal Reserve began tightening monetary policy last year. Since then, interest rates have gone up. So Americans have to pay higher interest rates when they take out a mortgage loan.In the message: 4.02 million homes were sold in the US last month. This is a 34 percent decrease compared to the same month in 2021. 1.5 percent decrease on month-on-month basis. This is evident from the statistics of brokerage firm NAR.
- However, the decline is less than expected. Economists had predicted that only 3.95 million homes would change hands.
- It was the eleventh month in a row that fewer homes were sold in the U.S.
- Average price b
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