The Red-Hot U.S. Housing Market Finally ‘Offers Hope’ for Buyers and Sellers

Being that, as compared to this time last year, home prices are up 14% and the average monthly payment has been driven up 50% by mortgage rates, affordability remains a great concern for those seeking to move.

According to, there are signs that the housing market is slowing. Sales of new homes fell in April for the fourth month in a row to the lowest level since the pandemic owing to high prices and soaring mortgage rates. Mortgage rates jumped from just 2.75% in the fall for a 30-year fixed to more than 5.25% in mid-May. Low mortgage rates had made it easier for buyers to purchase a home despite record prices.

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