"Consumers appeared to have recalibrated expectations regarding mortgage rates and are taking advantage of more available inventory," says NAR Chief Economist Lawrence Yun. "Mortgage rates have averaged above 6% for the past 24 months. Buyers are no longer waiting for or expecting mortgage rates to fall substantially. Furthermore, buyers are in a better position to negotiate as the market shifts away from a seller's market."
"Though interest rates remain a challenge across the market, the seasonal slide in home prices and slower market mean more buyers are willing to come off the sidelines," says Realtor.com senior economic research.
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