National Real Estate News

• Instant Reaction: Mortgage Rates, December 8, 2022
  
  Housing affordability rose about 8% in the last 4 weeks as mortgage rates moved closer to 6%. If inflation continues to slow down, mortgage rates may stabilize near 6% in 2023.
• Market Update and Outlook
  
  These slides were presented by NAR Chief Economist Lawrence Yun at the REALTOR® Party Training Conference on December 1, 2022.
• Instant Reaction: Jobs, December 2, 2022
  
  Even with the increasing number of layoffs in some industries, the overall job market remains strong.
• Instant Reaction: Mortgage Rates, December 1, 2022
  
  The rate on a 30-year fixed mortgage fell to 6.49% from 6.58% the previous week. As a result, the monthly mortgage payment for a median-priced home dropped by $140 in the last three weeks.
• October 2022 Pending Home Sales Decline as Qualifying for a Home Becomes More Difficult
  
  October 2022's pending home sales pace weakened by 4.6% last month and fell 37.0% from a year ago.
• Pending Home Sales Declined 4.6% in October
  

  Month-over-month, contract signings fell in three of four major U.S. regions in October 2022, while the Midwest registered an increase; pending sales declined in all regions compared to one year ago.

• Existing-Home Sales Fell for the Ninth Straight Month and Decline 5.9% in October 2022
  
  October’s existing home sales reached a 4.43 million seasonally adjusted annual rate, declining 28.4% from October 2021.
• October 2022 Foot Traffic
  
  Nationally, Sentrilock home showings were down 23% year-over-year, declining in all four regions of the U.S.
• Single-Family Home Prices Increase in 98% of 185 Metro Areas in Third Quarter of 2022
  
  Forty-six percent of the metro markets posted double-digit annual price appreciation in Q3 2022 compared to 80% in Q2, and national median prices rose 8.6% year-over-year to $398,500.
• Existing-Home Sales Slumped 5.9% in October
  

  Fewer homebuyers were able to qualify for a mortgage in October 2022 as mortgage rates climbed higher, with the impact greater in expensive areas of the country and in markets that witnessed significant home price gains in recent years.

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