The article highlights the ongoing housing market trends, emphasizing that affordability is a major driver of demand, with many buyers opting for markets with prices below the national median. The Philadelphia tri-state area emerged as the fastest-rising market, influenced by low inventory and high interest rates causing potential sellers to hesitate. This trend extends to regions in the Northeast and Midwest, indicating a shift from the pre-pandemic market dynamics. The report suggests that first-time homebuyers are crucial in maintaining sales and market health despite current challenges.
'I think that people just don't want to sell because the interest rates are still high. You know, people would move, but they're like, Where am I going to go?' The interest rates are just crazy.'
'There's still a lot of first-time homebuyers in the market too. First-time homebuyers stimulate sales, you know. They keep the market healthy.'
'When you're that low on inventory, prices are going to keep going up. It's just the way it is.'
'Limited housing supply in these areas has contributed to their sustained appeal, the report explained.'
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