Home sales are on track for their worst year since 1995, with September sales falling 3.5% from a year earlier and 2023 was their lowest level in 30 years.
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00:00Home sales are on track for their worst year since 1995.
00:05September sales falling 3.5% from a year earlier,
00:092023 being their lowest level in 30 years.
00:13All-time high home prices combined with significantly higher interest rates
00:18have continued to plague the U.S. housing market.
00:21Most economists, however, expected a 2024 bounce back
00:25with supply increasing and rates coming down slightly.
00:28It just hasn't played out that way.
00:30Home prices have in fact continued rising
00:33and skyrocketing insurance rates have compounded the problem.
00:37A sliver of good news should come at the Federal Reserve's next meeting
00:41when they are expected to cut rates.