All Eyes On Home Prices

FORBES June 22, 2023:

Even though the summer homebuying season is officially here, the housing market is still experiencing a winter chill.

The national average 30-year fixed mortgage rate remains elevated compared to last year, hitting a year-to-date high of 6.79% the week ending June 1, according to Freddie Mac.

Though the median existing-home sales price edged lower year-over-year for the fourth consecutive month—a promising sign for home shoppers—experts don’t expect substantial, nationwide price declines anytime soon.

Home prices remain stubbornly elevated, perpetuating affordability challenges for many, especially first-time homebuyers. For one, the nation’s housing supply remains limited—and probably will remain so for at least the near future—due, in part, to those who purchased homes in recent years at record-low interest rates staying put.