The housing market is experiencing a shift with increased listing inventory and a cooling off from previous price surges. This change follows years of low supply that led to intense competition and bidding wars. The Federal Reserve's interest rate hikes over the past three years have significantly raised mortgage rates, dampening buyer demand and affordability. As a result, home values are rising at a more sustainable pace, indicating a transition toward a balanced market, though prices remain elevated compared to historical averages.
Although prices remain high compared to historical norms, the rate of increase aligns more closely with long-term trends, creating a more balanced market environment.
After the pandemic-driven housing boom, the market is beginning to cool down. Home values are increasing moderately and sustainably in many areas.
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