Current developments affecting transactions, mortgage rates, inventory, pricing, property economics and staffing. Updated as the evidence changes.
The Federal Reserve raised its benchmark rate by a quarter point on September 16. For rate-sensitive businesses, the immediate issue is higher financing cost, not a broad collapse in demand.
PersistentFinancingThe average 30-year fixed mortgage reached 6.95% on September 17, up from 6.76% a week earlier.
SofteningHousing MarketAugust existing-home sales fell 2.0% to a 3.98 million annual rate as inventory climbed to 1.62 million homes.
EasingPricesFHFA reported U.S. house prices up 2.1% year over year in the second quarter and just 0.3% from the prior quarter.
SofteningLaborReal-estate payrolls fell by about 3,200 jobs in August, while real estate and rental/leasing fell by 3,500.