05/26/2022
"Yun expects existing-home sales will fall 9% this year, but if mortgage rates climb to 6% from a current level of roughly 5.3%, he says sales activity could plunge by 15%."
"Meanwhile, Yun says home prices “appear in no danger of any meaningful decline” given an ongoing housing shortage and swift selling, with listed homes generally seeing a contract signed within one month."
Declining sales won't "break the overall economy" and may not curb prices anytime soon, but homebuilders, materials suppliers and some retailers "are going to suffer," says one expert.