The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) increased to 6.31% from 6.30%.
New York recorded the lowest turnover rate among the top 50 metros, with only around 10 out of every 1,000 homes selling in the first nine months of the year.
The share of first-time buyers in the market has contracted by 50% since 2007—right before the Great Recession. The implications for the housing market are staggering.
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