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New reports from national real estate firms indicate some shifts in the struggling housing market.
The median price for existing homes has been exceeding that of new houses.
Mortgage rates are edging lower, but it’s too early to tell whether that will get buyers off the sidelines.
But that’s a sign of a weakening economy.
Prices are actually falling in some former hotspots in the Sun Belt, while they’re rising in parts of the Rust Belt.
New research suggests people are getting used to high prices and mortgage rates.
One reason? More inventory.
A Realtor.com report finds that both the price and square footage of newly built homes are decreasing in about a quarter of the 100 largest metropolitan areas.
Prices are now rising fastest in the Northeast, and slowing in some Sunbelt markets that saw big spikes early in the pandemic.
Cleveland, Milwaukee and Philadelphia saw the biggest rises. The Midwest remains a relative haven of affordability.