Existing home sales hit a 10-year low in September 2022
Sales of previously owned homes fell 1.5% from August 2022 to September 2022, a recent report from the National Association of Realtors revealed. Americans still bought 4.71 million units, but that’s the lowest number of homes sold in a month in 10 years, and was down 23.8% comparing September 2022 to September 2021.
Reasons given for the slowdown were completely predictable. Higher mortgage rates and higher home prices have caused the market to slow down considerably.
What was interesting to learn was that National Association of Realtors’ chief economist Lawrence Yun stated that, “despite weaker sales, multiple offers are still occurring with more than a quarter of homes selling above list price due to limited inventory.”
Will housing factor into the mid-term elections next month?
According to political commenter Chuck Todd of NBC, housing concerns may weigh on voters’ minds in the mid-term elections. “New polling out today suggests voters remain highly pessimistic about the current direction of the economy,” Todd said. Todd also stated that “(voters) trust Republicans more to get things back on track.”
Todd cited poll data collected by NBC that claimed the most important issue to voters right now is ‘the cost of living’ and that’s directly connected to the current housing market. If current trends hold, the Republican party may be able to pick up seats in the house and senate.
What does a $29.75 million mountain home in Linville, NC look like?
Let’s end the week with a little fun. Luxury home listings are always interesting to peek at, and few are more interesting than this home in Linville, NC.
A mountain home priced at $29.75 million is available in Linville, NC. This beautiful home is named ‘Lazy Bear Lodge’, and is located in the Linville Ridge Country Club in the Grandfather Mountains.
This home comes with a 2,701 sq. ft. ‘folly house’, a 1,006 sq. ft. ‘hobbit guest house’, 5.86 acres of land, comes furnished and offers an extensive western art collection that is said to span three centuries.
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