Reported about 7 hours ago
Home sales have significantly slowed down as new contracts for purchases dropped by 10% compared to the previous year. Despite a stronger market at the end of 2024, the rise in mortgage rates above 7% has stalled buyer activity, resulting in a higher inventory of unsold homes. Current home prices are showing minimal growth, and with many sellers opting to reduce asking prices, the housing market faces significant challenges moving forward.
Source: YAHOO