The housing market continues to grapple with the challenges of high mortgage rates and increasing home prices, evidenced by the NAR's February report showing a median home price of $398,400, marking the 20th month of year-over-year increases. Despite affordability being stretched, buyers still find opportunities due to a substantial 17% rise in unsold inventory. Regional variations are also evident, with sales increasing in the Northeast and Midwest while the South sees a decline. The Fed's recent decision to maintain interest rates adds to the market's complexity amidst political uncertainties.
Despite high mortgage rates and rising home prices, the market shows a balance of supply and demand, allowing some buyers and sellers to successfully transact.
The unsold inventory reaching 1.24 million units signifies that buyers have more options in a market where affordability is a concern.
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