Despite a drop in mortgage rates and home prices from their peaks, the US housing market remains challenged by affordability issues, sidelining many potential buyers into rentals.
Sellers in desirable markets, particularly in Southeast cities like Charlotte and Knoxville, have benefited from high demand, leading to intense competition for the limited inventory available.
The competitive nature of these hot markets has resulted in sellers reaping rewards, as buyers are eager to secure homes in popular cities despite financial strain from high mortgage rates.
Analysts foresee a potential rebound in home sales by 2025, driven by the expectation that mortgage rates will decrease, aiding both buyers and sellers.
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