Economy /

Bidenflation is Crushing the Housing Market – Home Sales in October Slowest Pace in 13 Years

  |   By Lou Dobbs Staff

Home sales in the United States have slowed to a crawl as millions of people struggle with finances under Biden.

The market is at its slowest pace in 13 years as mortgage rates have skyrocketed.

The housing market is the backbone of the American economy. Needless to say, this is not good news.

Breitbart News reports:

Home Sales Plunge to 13-Year Low as Bidenflation Mortgage Rates Crush Market

Home sales declined in October to their slowest pace in 13 years as mortgage rates soared to their highest levels in decades, pushing both sellers and buyers out of the market.

Sales of previously owned homes, which account for most of the U.S. housing market, came in at a seasonally adjusted annual rate of 3.79 million for October, the National Association of Realtors said Tuesday. This was 4.1 percent below the September pace and 14.6 percent below the clip recorded a year earlier.

Economists had expected sales to decline only slightly from a pace of 3.96 million to 3.91 million.

“Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation,” Lawrence Yun, the trade group’s chief economist, said in a statement. “Multiple offers, however, are still occurring, especially on starter and mid-priced homes, even as price concessions are happening in the upper end of the market.”

Mortgage rates soared in October, with the standard 30-year fixed rate rising from 7.3 percent to 7.8 percent. In October of the prior year, rates were below seven percent and closer to 6.5 percent.

What a difference a few years can make.

When Biden took office, the average 30-year fixed mortgage rate was 2.7%.

Now, it’s 7.44%.