New homes: The great housing inventory divide: New construction vs existing-homes Has the housing market slowed down? “For a plunge in home prices-like we saw in 2008, for example-we would need demand to pull back dramatically and/or supply to increase significantly.”īest metros: New to adulting? Recent college grads can find a friendly housing market in these 10 cities “Despite uncertainty in the economy and the housing market right now, there is little to suggest that the housing market is poised for a crash,” says Bright MLS Chief Economist Lisa Sturtevant. So, does this mean a housing crash could be on the horizon? Housing experts don’t believe that to be the case. Instability in the banking sector, headlines about layoffs, and growing recession risks are also causing prospective homebuyers to hold back. Meanwhile, elevated mortgage rates − which have doubled since early last year − have constrained homebuyers’ purchasing power. The median existing-home price in May rose to $396,100, a which is 3.1% lower than the previous May’s median price of $408,600, according to data released in June by the National Association of Realtors (NAR). However, the median price of a home increased month-over-month for the fourth consecutive month in May. There is little debate whether the Federal Reserve’s inflation-fighting tactic was effective in cooling down the hot pandemic housing market.įor the first time in 131 months, home prices fell year-over-year in February, ending the longest price growth streak. Watch Video: How the housing market could be shifting to favor buyers
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