Chief Economist Danielle Hale broke down the challenges and opportunities buyers will face in the near term:The number of homes for sale has already surpassed its seasonal low, but it continues to lag, according to Hale.
Currently, the cost to finance a typical for-sale home has increased more than $500, or approximately 40%, which is nearly five times the overall inflation rate, according to Hale. First-time buyers aren't seeing home equity and wealth grow due to the rising cost of everyday essentials. Real estate agents Rosa Arrigo, center, and Elisa Rosen, right, work an open house in West Hempstead, N.Y., April 18, 2021.
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