Industry News

Home price sticker shock is stalling sales

Photo by Elena Mozhvilo on Unsplash

REALTOR Magazine

Home sales are moving in a seesaw pattern as double-digit home price gains and near-record-low inventory continue to keep aspiring buyers from purchasing a home. Existing-home sales—completed transactions that include single-family homes, townhomes, condos, and co-ops—dropped by 7.2% in February compared to January. Sales are down 2.4% compared to a year ago, the National Association of REALTORS® reported Friday.

“Housing affordability continues to be a major challenge, as buyers are getting a double whammy: rising mortgage rates and sustained price increases,” says Lawrence Yun, NAR’s chief economist. “Some who had previously qualified at a 3% mortgage rate are no longer able to buy at the 4% rate.”

Continue reading: Home Price Sticker Shock Is Stalling Sales

Related posts

Lennox to Provide 2018 Residential Housing Market Update at Women’s Council of Realtors of South King County on Fri. Jan. 19

jlspr

The Cost of Waiting to Buy a Home.

jlspr

Median selling price for Bellevue home increases

admin