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by confoundedinterest17
US home prices were growing at a near 20% YoY rate for the latest Case-Shiller National home price index report. But mortgage rates have soaring like a SpaceX missile shot.
The result? Closed sales for April 2022 are down -9.5% YoY.
Of course, I am moving to one of the metro areas in the USA where closed sales fell only -1.10% YoY in April: Columbus Ohio. I should move to San Diego CA where closed sales fell -21.4% YoY.
Of course, the US still suffers from lack of available inventory for sale.
See also We broke all technical supports, FED is tightening aggressively, consumer sentiment record low, CPI highest in decades. People still refusing to accept that we are in a bear market.
April new listings are down -5.7% YoY. Columbus Ohio didn’t change from April ’21. San Diego is down -18.4% YoY for new listings.
Rising mortgage rates? Inflation? What a total fiasco.
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See also Still Hot, Hot, Hot! US Existing Home Sales Fall -2.4% MoM In April, But Median Price Is 14.85% YoY And Inventory For Sale Remains MIA (Fed Stimulypto Still Helping Housing Bubble)
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