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Home prices see biggest drop in 9 years, thanks to higher mortgage rates

September 22, 2022 /

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Red and white "Home for Sale, Price Reduced" sign in front of a stone, wood house that is for sale. Green grass and bushes indicate the spring or summer season. Front porch and windows in background. Real estate signs in residential neighborhood. Moving house, relocation concepts.

Higher mortgage rates are throwing a bucket of ice-water on the super-heated housing market. Home prices in August were down about 6% from their peak in June, the biggest 2-month drop in prices in nearly a decade. The pace of home sales slowed for the 7th straight month.

“The housing market certainly reacts to the monetary policy change,” says Lawrence Yun, the chief economist for the National Association of Realtors which just released the new existing home sales numbers.


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