Surging mortgage rates led to another fall in existing home sales in May to their lowest level since the height of the COVID-19 lockdowns two years ago. And with mortgage rates set to rise to 6.5% by early 2023, sales will see further declines. We expect they will bottom out at 4.8m annualised by the end of the year, which would represent a 23% drop from their end-21 level.
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