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News@lemmy.worldEnglish · 1 year ago

US existing home sales fall to lowest level in more than 13 years

www.theguardian.com

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US existing home sales fall to lowest level in more than 13 years

www.theguardian.com

YoBuckStopsHere@lemmy.world to

News@lemmy.worldEnglish · 1 year ago

Sales slump 4.1% in October amid highest mortgage rates in two decades and a dearth of houses

The median existing house price increased 3.4% from a year earlier to $391,800, the highest for any October.

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  A $500,000 loan goes from $2182 to $3400 from 3% to 7%. A $1,000,000 loan goes from $4363 to $6835. Still not double.
  
  Doubling the rate doesn’t double the total payment, only doubles the interest payment.

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