Mortgage rates fluctuate around 6.84%. Affordability remains a challenge. Buyers should negotiate deals as sellers offer concessions below asking prices. Economic uncertainty impacts the housing market.
The housing market faces challenges with slowing construction, economic uncertainty, and fluctuating mortgage rates. Luxury homes remain strong, but overall mortgage activity is down significantly. New listings show mixed signals.
New home sales surged in March, reaching a peak since September 2024, driven by lower prices and mortgage rates. Sales increased 7.4% from February and 6% year-over-year, with cheaper homes fueling the market.
Home price growth is slowing, with potential declines in some markets, particularly Florida. New listings remain strong despite economic uncertainty. Experts question if financial turmoil will drive prices down. Keep eye on 2022 patterns.
