Initially predicted to rebound in 2025, the U.S. housing market has taken a downturn due to unexpected economic turbulence. Despite favorable conditions like easing inflation and lower mortgage rates in early 2025, the introduction of global trade tariffs by President Trump in April led to a surge in mortgage rates, prompting a buyer retreat. Increased inventory across regions hasn’t spurred sales, as both buyers and sellers face economic uncertainty. The overall sales outlook has dimmed significantly, with 2024 recording the lowest sales since 1995, setting a troubling precedent for 2025.
"There isn't any urgency to buying right now - if anything it feels more risky to put a down payment into a home when you might not have a job six months from now."
"Yes, there is more inventory, but it's almost like too little too late."
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