US Housing Market Index Declines for 10 Consecutive Months, Hits Lowest Level in 10 Years
[Asia Economy New York=Special Correspondent Joselgina] The real estate market sentiment felt by U.S. home builders has declined for 10 consecutive months, reaching the lowest level in nearly 10 years.
According to the National Association of Home Builders (NAHB) and Wells Fargo on the 18th (local time), the October Housing Market Index (HMI) was recorded at 38, down 8 points from the previous month. It has fallen for 10 consecutive months, continuing the longest decline since 1985.
This is the lowest since May 2020, the early stage of COVID-19. Excluding the lockdown period due to the pandemic, local media reported that this is the lowest level in 10 years since August 2012. Compared to April (77), the figure has halved in just six months.
The sales outlook index for the next six months plunged 11 points from the previous month to 35, marking the lowest since 2012.
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This deterioration in housing market sentiment is analyzed as a result of the Federal Reserve's (Fed) aggressive interest rate hikes, which have pushed market interest rates higher. The 30-year fixed mortgage rate rose from the 3% range earlier this year to 7.12% this week.
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