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AGNT CEO warns home sales could fall below 4 million in 2027
HousingWire reports AGNT CEO Leo Pareja said today’s mortgage rates near 7.5% are close to their historic average, but a shift toward 8% could pressure existing home sales.
HousingWire reports AGNT CEO Leo Pareja said the housing downturn has already arrived, with the market now operating in a roughly 4 million existing home sales per year cycle.
Pareja told attendees at eXp Realty’s eXp Con that mortgage rates reaching 8% in 2027 could push existing home sales below 4 million, though he said local outcomes will differ.
He argued that unusually low rates following the Great Recession and during the COVID-19 pandemic pulled demand forward, leaving fewer buyers in the present market and helping form the current sales cycle.
While Pareja said mortgage rates are near 7.5% today and still close to the historic average, he suggested rates nearer to 8% would matter for where sales land in 2027.