Contract signings to purchase homes fell in September to the lowest level on record, as buyers fled the housing market in the wake of the average 30-year mortgage rate crossing over 7%.
Baby boomers have been the biggest force driving home sales over the last few years. Many of them are moving to be close to family, and in particular, their grandchildren.
Selling a condominium unit has become a challenge for many, as buyers get spooked at the prospect of bearing ever-rising HOA fees — even if the home comes with a lower price tag.
A rising share of builders are slashing prices on newly built homes despite increasing construction costs, as buyers get spooked by high mortgage rates.
As home prices remain near record highs, about 81% of housing markets in America are overvalued, a new ratings-agency report says, with the Northeast leading the pack.
