Reported about 23 hours ago
Despite optimistic hopes for a housing market recovery in 2024, analysts found it remained stagnant, primarily due to high mortgage rates, low supply, and soaring home prices. Average mortgage rates hovered around 6.6% and despite slight fluctuations, there was no significant impact on buying activity. As a result, sales of previously owned homes are expected to reach the lowest levels since 1995 for the second consecutive year, leaving many potential buyers on the sidelines as they awaited more favorable conditions.
Source: YAHOO