New Home Sales fell 10.9% in September, now 17.6% below where they were a year ago. With rising mortgage rates and higher prices, the problem is declining affordability. The median price is up 13.9% from a year ago.
The Pending Home Sales index of signed contracts on existing homes dropped 10.2% in September. The National Association of Realtors observed Persistent inflation has proven quite harmful to the housing market.
But affordability is improving. For the second moth in a row, the Case-Shiller and FHFA home price indexes fell inn August, hitting the fastest pace since 2010-2011. They're still up annually, Case-Shiller, 13.0%, and FHFA 11.9%
If you want more information about the Real Estate market area where you work or live, Call or Text me at 713-204-4726 I am happy to meet with you and discuss it.
Have a Blessed Day!