Pending home sales dropped 1.5% in October, according to a Nov. 30 report issued by the National Association of REALTORS® (NAR). The Northeast posted a monthly gain in transactions while the Midwest, South and West all recorded losses. All four U.S. regions noted year-over-year declines in transactions.
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Why doesn’t Dr Yun just tell it like it is? The greater impact to declining sales is about the cost of money rather than solely lack of inventory. Yes, inventory is low and has been so for years the difference is more the interest rates which have, relatively speaking, skyrocketed in cost during the Biden Administration’s time in office.
The inflation that purportedly triggered the Federal Reserve to dramatically hike the rates is a direct result of the wild spending spree that the federal government has been on for the past three years and yet seems unfazed by the results. What is not needed, now or at any time, is a further obscuring of reality as to what the situation actually is and how we got here.