Real Estate Facts: The US Housing Market is at A Standstill
The US housing market is currently experiencing a deep freeze due to a lack of supply of homes for sale, with many homeowners pausing the sale of their homes to keep their low mortgage interest rates.
The most popular home loan in the US is a 6.43% fixed-rate mortgage for 30 years, more than double what it was two years ago. To get sellers motivated again, interest rates would have to fall to a "magic" level of 5.5%, according to a survey by John Burns Research and Consulting. Meanwhile, developers are creating opportunities for first-time homebuyers and those looking to switch to bigger, nicer homes, as sales of newly built residential homes rose nearly 10% in March from the previous month.
The National Association of Realtors predicts new home sales will grow 4.5% this year and 12% in 2024, while used-home sales will fall about 9% this year and then rebound in 2024.
Real Estate Facts: The US Housing Market is at A Standstill
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