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The red-hot U.S. housing market ‘offers hope’ for buyers and sellers, according to this real-estate economist

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There are signs that the housing market is slowing. Sales of new homes fell in April for the fourth month in a row to the lowest level since the pandemic owing to high prices and soaring mortgage rates.

Home prices are up 14% compared to this time last year, and mortgage rates have driven the average monthly payment 50% higher over the same period, so affordability remains a key concern for people looking to move.

Mortgage rates jumped from just 2.75% in the fall for a 30-year fixed to more than 5.25% in mid-May. Low mortgage rates had made it easier for buyers to purchase a home despite record prices. George Ratiu, senior economist and manager of economic research at Realtor.com, said the report “offers hope” for seller-buyers, who’ve been helped by the rise in remote work, which shows significant staying power.

That rise in house prices has pleased those homeowners who have been able and willing to sell, but it has also caused heartache for millions of first-time buyers who yearn to get a foot on the property ladder.

 

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A very nicely worded article with flowery language from so called experts that basically says... eventually parties end, drugs wear off and ya gotta go home...lol. in 5 years..all the folks who bought the last 3 years will be underwater in their homes. Watch!

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