Who wins under debt deal? Everyone, and here's why. Hot jobs market: Booming 339,000 jobs added in May but unemployment rises to 3.7% Seventy-three percent of homes sold in April were on the market for less than a month, according to NAR. Properties typically remained on the market for 22 days in April, down from 29 days in March but up from 17 days in April 2022. In the last month one-third of homes sold above the listed price and the typical home received three offers." “However, there is strong demand for housing. "The housing market cannot compare to last year’s intense spring home buying market,” says Jessica Lautz, NAR deputy chief economist and vice president of research. While housing prices have dropped slightly year-over-year since February, a lack of inventory and a strong jobs market have contributed to stubbornly high home prices despite much higher mortgage rates. New homes: The great housing inventory divide: New construction vs existing-homes Strong housing demand “For a plunge in home prices-like we saw in 2008, for example-we would need demand to pull back dramatically and/or supply to increase significantly.”īest metros: New to adulting? Recent college grads can find a friendly housing market in these 10 cities “Despite uncertainty in the economy and the housing market right now, there is little to suggest that the housing market is poised for a crash,” says Bright MLS Chief Economist Lisa Sturtevant. So, does this mean a housing crash could be on the horizon? Housing experts don’t believe that to be the case. Instability in the banking sector, headlines about layoffs, and growing recession risks are also causing prospective homebuyers to hold back. Meanwhile, elevated mortgage rates − which have doubled since early last year − have constrained homebuyers’ purchasing power.
The median existing-home sales price in April slipped 1.7% from one year ago to $388,800. For the first time in 131 months, home prices fell year-over-year in February, ending the longest price growth streak. housing market is cooling down after home values rose at a frenzied pace during the pandemic.
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