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The slowdown in existing home sales

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  • John Krainer

Abstract

Sales of existing homes slowed noticeably over the second half of 2013, reflecting a more drawn-out recovery than expected for housing markets. A main reason for the slowdown is higher mortgage rates that have made financing more costly nationwide. Sales appear to be slowing even more in distressed markets, where real estate investors had bought up single-family homes to convert into rental properties following the housing bust. Evidence suggests that investors may be retreating from these markets as housing valuations rise.

Suggested Citation

  • John Krainer, 2014. "The slowdown in existing home sales," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.
    • Handle: RePEc:fip:fedfel:00017
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    References listed on IDEAS

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    1. Raven S. Molloy & Rebecca Zarutskie, 2013. "Business Investor Activity in the Single-Family-Housing Market," FEDS Notes 2013-12-05, Board of Governors of the Federal Reserve System (U.S.).
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