Housing Market Could Get 4 Million New Potential Buyers This Year

The U.S. housing market could gain 4 million new buyers this year if mortgage rates fall one percentage point, data from the National Association of Home Builders showed this week.The housing market remains out of reach for many Americans due to high mortgage rates and soaring home prices as inflation stays elevated. But the tide could be turning for Americans looking to buy a home.While 27.5 million households can afford the median-priced new home at a 7.

Still, some housing markets that have experienced skyrocketing home prices are starting to see a drop in buyer demand.Florida saw its median sale price shoot up to $404,100 in January, an increase of 4.5 percent from the previous year, according to Redfin. Despite this, sales were down in a number of cities. In Jacksonville, home sales were down by more than 27 percent year over year, and Miami saw a drop of roughly 9 percent.

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