The typical home price is rising again post a brief decline, with the national median listing price up 0.2% yearly. Despite this, affordability issues persist, driven by high mortgage rates and rising prices. Recent surveys indicate many potential buyers are concerned about budget constraints and anticipate an impending recession. However, signs of a more favorable market include more listings and reduced competition, making home searches less stressful. Economist Jiayi Xu emphasizes the continual increase in home values but acknowledges the pressures buyers face due to financial concerns.
"This marks a faster pace of growth than in the prior two weeks and suggests that the underlying value of homes continues to increase," says Realtor.com economist Jiayi Xu.
"Still, affordability remains a challenge, as elevated mortgage rates and rising home prices put additional pressure on buyers."
"According to a recent Realtor.com survey, nearly 2 out of 5 homebuyers identified budget constraints as a major barrier to homeownership."
"Xu says this suggests that the market is becoming less competitive and the home search 'a little less stressful.'"
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