"Home sales momentum is building," says NAR Chief Economist Lawrence Yun. "More buyers have entered the market as the economy continues to add jobs, housing inventory grows compared to a year ago, and consumers get used to a new normal of mortgage rates between 6% and 7%."
"What may be happening is that consumers are getting used to these mortgage rates," says Yun. "They are no longer expecting that 3% to 4% mortgage rate that happened during the early years of COVID."
"Homes with November closings generally went under contract in September and October, when shoppers benefited from an uptick in newly listed for-sale homes," says Realtor.com® Chief Economist Danielle Hale.
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