- U.S. existing home sales have suffered a precipitous decline, driven lower by higher interest rates and a lack of supply
- The Hamptons real estate market has remained largely unscathed, with median home sales prices over 65% higher than those achieved in 2019
- Mountain Top Properties have looked to capitalize on the seaside enclave’s historic popularity through the launch of its dedicated Mountain Top Capital Fund I
- In partnership with Joseph Kelley’s On Site Builder Construction, the fund is looking to raise up to $75 million to construct and sell a range of finished, turnkey properties located across Long Island’s East End
U.S. existing home sales dropped to their lowest level in over 13 years in October, dragged lower by the highest mortgage rates in two decades whilst a dearth of housing supply also barred buyers from entering the market. A large factor behind the drop in property market transactions can be attributed to higher interest rates; the average rate for 30-year fixed-rate mortgages averaged 7.31% towards the end of September, prior to peaking at 7.79% in late October – the highest level since November 2020.
“The combination of high prices, high mortgage rates, and millions of homeowners unwilling to move, given they’ve locked in low rates, has frozen the market,” said Robert Frick, corporate economist at…
NOTE TO INVESTORS: The latest news and updates relating to MTPP are available in the company’s newsroom at https://ibn.fm/MTPP
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