Arr, behold the treacherous depths of the housing market's plunge, me hearties! Behold these five charts, ye scallywags!
2023-12-08
Arrr! The U.S. housing market be fallin' like a clumsy pirate from the mast! Home sales be droppin' faster than a sailor's spirits on a rainy day. The scallywag prices be too high, the costs of borrowin' be too steep, and the supply of homes be as scarce as a mermaid on land. Here be five charts that reveal the sorry state of this cursed housing market. The rate of home sales in October be down near 15% compared to the same time in 2022, as reported by the National Association of Realtors. October's sales rate, aye, a true measure of the market's wretchedness..."
The U.S. housing market be slumping, me hearties! Aye, home sales be droppin' faster than a sailor be droppin' his grog. The scurvy dogs be blamin' high prices, high borrowin' costs, and a lack o' homes for sale for keepin' potential buyers on the sidelines. Arrr, it be a dire situation indeed!Now, let me show ye five charts that paint a vivid picture of the state o' this here housing market. First off, we be seein' a sharp decline in home sales. The annual rate o' home sales in October be down a staggering 15% compared to the same time last year, as reported by the National Association o' Realtors. Aye, that be quite the drop, me mateys!
Next, we be witnessin' a drop in housing starts. The number o' homes bein' started in October be down 3% from the previous month, me hearties. 'Tis a clear sign that the market be slowin' down faster than a turtle sailin' on a calm sea.
Thirdly, we be takin' a gander at the median home price. Arrr, it be risin' like a ship's flag in a stiff breeze! The median home price in October be up 4.8% from last year, reachin' a hefty $255,400. 'Tis a pretty penny indeed, me hearties!
The fourth chart be showin' us the supply o' homes for sale. Arrr, 'tis as scarce as a mermaid in the desert! The number o' homes available for sale be down 4.3% from the previous year, leavin' potential buyers high and dry.
Lastly, we be takin' a look at mortgage rates. Aye, they be risin' faster than a sailor climbin' the mast! The average rate for a 30-year fixed mortgage be 4.83% in October, up from 3.94% just a year ago. 'Tis a mighty burden on those lookin' to buy a home, me hearties!
So there ye have it, me mateys. The U.S. housing market be in a sorry state, with fallin' sales, slowin' construction, risin' prices, a lack o' homes for sale, and higher mortgage rates. 'Tis a stormy sea for potential buyers, but fear not, me hearties, for every storm eventually passes.