{"id":22382,"date":"2023-06-26T12:31:07","date_gmt":"2023-06-26T12:31:07","guid":{"rendered":"https:\/\/www.anthonydidonato.net\/wordpress\/?p=22382"},"modified":"2023-06-26T12:31:08","modified_gmt":"2023-06-26T12:31:08","slug":"stabilizing-economy-holds-key-to-reviving-home-sales","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/stabilizing-economy-holds-key-to-reviving-home-sales\/","title":{"rendered":"Stabilizing Economy Holds Key to Reviving Home Sales"},"content":{"rendered":"\n

October\u2019s lower inflation rate is a welcome sign for a housing market that\u2019s seen steady declines in 2022.<\/p>\n\n\n\n

A recent report showing that the rate of inflation declined in October is good news for the real estate industry, and possibly a bellwether of declining mortgage rates in coming months, Lawrence Yun, chief economist for the National Association of REALTORS\u00ae, told thousands of attendees Friday at NAR NXT, The REALTOR\u00ae Experience(link is external)<\/a> in Orlando, Fla.<\/p>\n\n\n\n

On Thursday, the Bureau of Labor Statistics reported a 7.7% rate of inflation in October\u2019s Consumer Price Index. That\u2019s still causing pain at the grocery store and the gas pump, Yun said, but it\u2019s down from 8.2% in September and may mean that mortgage rates have topped out. The jump in the rate for a 30-year fixed-rate mortgage, from about 3% at the start of the year to 7% today, has hit home sales hard. Sales were down 1.5% month over month and 23.8% year over year in September, according to NAR\u2019s latest existing-home sales data<\/a>.<\/p>\n\n\n\n

What\u2019s concerning is that the housing sector is a big contributor to gross domestic product, and the slowdown is pulling down the economy, Yun said. \u201cIf the housing market was stabilizing and not declining, GDP would be comfortably in the positive,\u201d Yun said, \u201cand we would not even be talking about a recession.\u201d<\/p>\n\n\n\n

Despite the headwinds of higher mortgage rates and slowing sales, severely limited inventory will keep home prices from declining dramatically in most of the country over the next year. \u201cFor most parts of the country, home prices are holding steady since available inventory is extremely low,\u201d Yun said. \u201cSome places are experiencing price gains, while some places, most notably in California, are seeing prices pull back.\u201d<\/p>\n\n\n\n

Even in areas where agents are seeing price declines, Yun said, 2022 is not a repeat of the 2008 housing crisis, when prices collapsed and foreclosures spiked. \u201cHousing inventory is about a quarter of what it was in 2008,\u201d he said. \u201cDistressed property sales are almost nonexistent, about 2%, and nowhere near the 30% mark seen during the housing crash.\u201d<\/p>\n\n\n\n

Many factors are contributing to the under supply of housing. Builders aren\u2019t building enough homes. Investors have taken single-family homes out of the market for potential homeowners. And some owners are converting homes to short-term rentals rather than selling. But one added factor this year is sellers\u2019 unwillingness to give up their low mortgage rate, Yun said. \u201cThey may be thinking about getting a bigger home for their growing family but then deciding: \u2018We love our 3% mortgage more than extra room for the baby.\u2019\u201d In fact, if mortgage rates were following historic norms, they\u2019d be lower than they are today, Yun said, showing a graph that demonstrated how mortgage rates run parallel to the government borrowing rate. Generally, the gap between the two rates remains constant. It grew in 2008 after the collapse of Lehman Brothers and again in 2020 when pandemic uncertainty gripped the country. And it\u2019s grown again this year. \u201cToday, we\u2019re not in panic mode. Why the abnormal spread?\u201d Yun asked. It\u2019s a question NAR\u2019s advocacy team is exploring with policymakers in Washington. \u201cWithout it, mortgage rates would be 5.8% rather than 7%, and we\u2019d see the housing market begin to revive.\u201d<\/p>\n\n\n\n

\u00a9National Association of REALTORS\u00ae
Reprinted with permission<\/p>\n","protected":false},"excerpt":{"rendered":"

October\u2019s lower inflation rate is a welcome sign for a housing market that\u2019s seen steady declines in 2022. A recent report showing that the rate of inflation declined in October is good news for the real estate industry, and possibly a bellwether of declining mortgage rates in coming months, Lawrence Yun, chief economist for the … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-22382","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nStabilizing Economy Holds Key to Reviving Home Sales - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/stabilizing-economy-holds-key-to-reviving-home-sales\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/stabilizing-economy-holds-key-to-reviving-home-sales\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/stabilizing-economy-holds-key-to-reviving-home-sales\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Stabilizing Economy Holds Key to Reviving Home Sales\",\"datePublished\":\"2023-06-26T12:31:07+00:00\",\"dateModified\":\"2023-06-26T12:31:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/stabilizing-economy-holds-key-to-reviving-home-sales\\\/\"},\"wordCount\":559,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/stabilizing-economy-holds-key-to-reviving-home-sales\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/stabilizing-economy-holds-key-to-reviving-home-sales\\\/\",\"name\":\"Stabilizing Economy Holds Key to Reviving Home Sales - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#website\"},\"datePublished\":\"2023-06-26T12:31:07+00:00\",\"dateModified\":\"2023-06-26T12:31:08+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/stabilizing-economy-holds-key-to-reviving-home-sales\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/stabilizing-economy-holds-key-to-reviving-home-sales\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/stabilizing-economy-holds-key-to-reviving-home-sales\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Stabilizing Economy Holds Key to Reviving Home Sales\"}]},{\"@type\":\"WebSite\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#website\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/\",\"name\":\"Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania\",\"description\":\"Properties and Real Estate for Sale\",\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/anthony-110x150.jpg\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/anthony-110x150.jpg\",\"contentUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/anthony-110x150.jpg\",\"caption\":\"admin\"},\"logo\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/anthony-110x150.jpg\"},\"description\":\"For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both. Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary. Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that \u201cperfect\u201d property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently. When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting \u2013 or exceeding \u2013 his clients\u2019 expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame. For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania\u2026 call Anthony DiDonato.\",\"sameAs\":[\"http:\\\/\\\/www.anthonydidonato.net\"],\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/author\\\/admin\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Stabilizing Economy Holds Key to Reviving Home Sales - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.anthonydidonato.net\/wordpress\/stabilizing-economy-holds-key-to-reviving-home-sales\/","twitter_misc":{"Written by":"admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.anthonydidonato.net\/wordpress\/stabilizing-economy-holds-key-to-reviving-home-sales\/#article","isPartOf":{"@id":"https:\/\/www.anthonydidonato.net\/wordpress\/stabilizing-economy-holds-key-to-reviving-home-sales\/"},"author":{"name":"admin","@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#\/schema\/person\/964792b6994e8cc4cbddc36ad4824908"},"headline":"Stabilizing Economy Holds Key to Reviving Home Sales","datePublished":"2023-06-26T12:31:07+00:00","dateModified":"2023-06-26T12:31:08+00:00","mainEntityOfPage":{"@id":"https:\/\/www.anthonydidonato.net\/wordpress\/stabilizing-economy-holds-key-to-reviving-home-sales\/"},"wordCount":559,"publisher":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#\/schema\/person\/964792b6994e8cc4cbddc36ad4824908"},"keywords":["Anthony DiDonato","News","Real Estate","tips"],"articleSection":["News","Real Estate Tips"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.anthonydidonato.net\/wordpress\/stabilizing-economy-holds-key-to-reviving-home-sales\/","url":"https:\/\/www.anthonydidonato.net\/wordpress\/stabilizing-economy-holds-key-to-reviving-home-sales\/","name":"Stabilizing Economy Holds Key to Reviving Home Sales - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania","isPartOf":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#website"},"datePublished":"2023-06-26T12:31:07+00:00","dateModified":"2023-06-26T12:31:08+00:00","breadcrumb":{"@id":"https:\/\/www.anthonydidonato.net\/wordpress\/stabilizing-economy-holds-key-to-reviving-home-sales\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.anthonydidonato.net\/wordpress\/stabilizing-economy-holds-key-to-reviving-home-sales\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.anthonydidonato.net\/wordpress\/stabilizing-economy-holds-key-to-reviving-home-sales\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"http:\/\/www.anthonydidonato.net\/wordpress\/"},{"@type":"ListItem","position":2,"name":"Stabilizing Economy Holds Key to Reviving Home Sales"}]},{"@type":"WebSite","@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#website","url":"http:\/\/www.anthonydidonato.net\/wordpress\/","name":"Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania","description":"Properties and Real Estate for Sale","publisher":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#\/schema\/person\/964792b6994e8cc4cbddc36ad4824908"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"http:\/\/www.anthonydidonato.net\/wordpress\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":["Person","Organization"],"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#\/schema\/person\/964792b6994e8cc4cbddc36ad4824908","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2020\/03\/anthony-110x150.jpg","url":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2020\/03\/anthony-110x150.jpg","contentUrl":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2020\/03\/anthony-110x150.jpg","caption":"admin"},"logo":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2020\/03\/anthony-110x150.jpg"},"description":"For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both. Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary. Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that \u201cperfect\u201d property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently. When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting \u2013 or exceeding \u2013 his clients\u2019 expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame. For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania\u2026 call Anthony DiDonato.","sameAs":["http:\/\/www.anthonydidonato.net"],"url":"https:\/\/www.anthonydidonato.net\/wordpress\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/posts\/22382","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/comments?post=22382"}],"version-history":[{"count":0,"href":"https:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/posts\/22382\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/media?parent=22382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/categories?post=22382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/tags?post=22382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}