The housing market is showing mixed signals as it enters the latter half of the year. Job growth has slowed, and unemployment has ticked up, indicating a cooling labor market. While inflation remains a concern, the Federal Reserve has held interest rates steady, with some members advocating for cuts. Mortgage rates have slightly decreased, and economists predict further declines. July data indicates a modest overall cooldown in the housing market, with regional disparities. Home prices have declined in the South and West while rising in the Midwest and Northeast, alongside increasing active listings.
The housing market is entering the second half of the year under a complex mix of economic signals, with homebuyers and sellers alike facing diverging trends depending on where they live.
Mortgage rates have edged slightly lower for a second straight week, holding relatively steady through the spring and summer. Economists expect a modest decline in rates later this year.
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