Share
Young families like Evan Paul and his wife were ready to buy a home at the beginning of 2022. They said when they first started their search, houses were being bought up way above their listing prices due to low interest rates at the time. “There’d be, you know, two dozen other offers and they’d all be $100,000 over asking,” says Paul.
Then came the Fed’s rate hikes, and the Pauls could no longer afford the homes they’d been looking at. The quick increase in mortgage rates cast a chill on the housing market. Buyers stopped searching; no longer able to afford homes they were considering a year ago.
Home prices have remained mostly high despite the drop in sales because inventory remains low. “People are stuck,” says Lawrence Yun, chief economist with the National Association of Realtors.
Yun and others describe the market as frozen since sales activity has declined for 10 months straight, according to NAR. It’s the longest streak of declines since the group started tracking sales in the late 1990s.
“The sellers aren’t putting their houses on the market and the buyers that are out there, certainly the power of their dollar has changed with rising interest rates, so there is a little bit of a standoff,” says Susan Horowitz, a New Jersey-based real estate agent.
Read more on NPR.org.
RELATED TOPICS:
Ex-US Rep. George Santos Sentenced to Over 7 Years in Prison for Fraud and Identity Theft
6 hours ago
Selma Mayor Charged With Electioneering Violation on Election Day
6 hours ago
Stocks Rise With Tech-Related Shares, Notch Weekly Gains; Dollar Up
8 hours ago
Conflicting US-China Talks Statements Add to Global Trade Confusion
8 hours ago
Fresno Police Arrest 17 in Domestic Violence Crackdown
9 hours ago
Virginia Giuffre, Voice in Epstein Sex Trafficking Scandal, Dies at 41
2 hours ago
Categories

Virginia Giuffre, Voice in Epstein Sex Trafficking Scandal, Dies at 41

Higher Taxes on Millionaires? Trump Says He’s Open, but Many in His Party Are Not

Ex-US Rep. George Santos Sentenced to Over 7 Years in Prison for Fraud and Identity Theft

Selma Mayor Charged With Electioneering Violation on Election Day

Stocks Rise With Tech-Related Shares, Notch Weekly Gains; Dollar Up

Wired Wednesday: What’s the Future of Fresno Unified and the Superintendent Position?

Zakaria Draws Parallels Between Trump’s Tariffs, Failed 1930s Economic Policies
