Des Moines metro Realtors and homebuilders said Thursday that they hope a slowdown in home sales is a natural regression that will help buyers and homebuilders after a long period of tight inventory and pressure to make quick purchasing decisions.

With mortgage interest rates more than doubling since the beginning of 2022 and recession fears looming, metro home sales declined for the fifth month in a row in October, according to the most recent data available from the Des Moines Area Association of Realtors.

Association records show it is the longest sustained slide in at least five years, and that October saw the steepest decline in year-over-year monthly sales during that period. Sales were down 27.5% as compared to October 2021, far exceeding the effect of the recession set off by business shutdowns in the opening months of the COVID-19 pandemic.

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