e of a dip in mortgage rates and locked into a home purchase.
NAR said Thursday the median existing sales price rose 4% from last year to $407,000. The average sales price on existing home have, lumping onto issues with affordability while providing homeowners with more equity to cash in on down the road. Elevated mortgage rates have been a stubborn problem for would-be homebuyers to navigate, making it even more expensive to buy a house in a market with limited options and high asking prices.
Industry analysts have been watching as buyers have started to accept that they will not get rates as low as 3% that were available during the coronavirus pandemic and instead have jumped off the sidelines when they dip toward 6%.
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