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Sales of existing homes fall for 11th consecutive month
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[quote:MadCitySleeper:MV81MzQyNzUzXzk4NTc5NjMyXzM0OUY1NjU1] "The average median existing home price increased 2.3% in 2022, from $358,800 in December 2021, to $366,900 in December 2022." Meanwhile, the median available payment decreased from a promise of future income over the next 30 years financed at 2% to a promise of future income over the next 30 years financed at 6%: A decrease of roughly 38%. Seriously, this market is taking forever to figure out that everything has become debt-dependent. A house is worth what its purchaser will pay for it and that purchaser is paying in debt. We're looking at a 38% decrease in what the seller is getting paid for a purchaser accepting the same monthly payment plan. Sure, there may be some wage inflation allowing people to increase their monthly payments a bit, but not THAT much. [/quote]
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Sales of existing homes fall for 11th consecutive month
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