The current housing market is challenging for buyers, with home prices reaching a record high due to elevated mortgage rates and limited inventory.
1. ๐๐จ๐ฐ ๐๐ฎ๐ฒ๐ข๐ง๐ ๐๐ง๐ ๐๐๐ฅ๐ฅ๐ข๐ง๐ ๐๐๐ญ๐ข๐ฏ๐ข๐ญ๐ฒ: May, usually peak season, saw fewer home sales than April, with a 2.8% decline from last year. High mortgage rates deter both buyers and sellers.
2. ๐๐ข๐ ๐ก ๐๐ซ๐ข๐๐๐ฌ: The median home price hit a record $419,300 in May. Affordable homes are scarce, pricing many buyers out of the market.
3. ๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ ๐๐๐ญ๐๐ฌ: Although rates have slightly decreased recently (6.87% for a 30-year mortgage), they remain high compared to pre-pandemic levels, raising monthly payment costs.
4. ๐๐ง๐ฏ๐๐ง๐ญ๐จ๐ซ๐ฒ ๐๐ง๐ ๐๐๐ฐ ๐๐ฎ๐ข๐ฅ๐๐ฌ: The number of homes for sale has increased by 18.5% from last year, but new home construction is slowing, which may exacerbate the shortage.
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