Reported 4 months ago
The housing market faces an affordability crisis due to high mortgage rates and low inventory levels. Yahoo Finance's report discusses recent housing data, highlighting challenges for homebuyers like the ongoing unaffordability caused by mortgage rates exceeding 7% since mid-April, declining home sales, and the increasing median price of previously owned homes. While there's been a slight improvement in inventory, new home sales dropped in April, leading to Goldman Sachs revising their forecasts for home price appreciation growth downwards, anticipating a slower increase in prices despite strong demand and a healthy labor market.
Source: YAHOO