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The housing market has been keeping its head down, keeping calm, and carrying on in the face of the biggest rate spike since the 1980s.  The ability to tune out rising rates is nothing new for home prices, as discussed a few weeks back.  The same is often true for home sales, but sales tend to show more of an impact than prices, and sooner.  

The following chart shows several of the biggest rate spikes of the past decade (and yes, they do look small in comparison to 2022) in conjunction with New Home Sales.  One could argue that prices leveled off in 2018 as rates continued to rise, but the only case for immediate impact is on the sales front.  Even then, it’s minimal. 

Booking.com

 

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