Mark Lomas and Kirsten Wolfe 
Artist Morgana Welch Surging mortgage rates and still-high home prices are not leaving already demoralized home shoppers much to be thankful for these days. Nonetheless, the housing market remains competitive as demand continues to outpace supply. Would-be buyers with the stomach to stay in the market are gobbling up the limited inventory, especially new homes, as builders continue offering incentives to hopeful homeowners. Click Read More below for more information and video from Altos Research.
The housing market came roaring back in June, as low mortgage rates and increased economic activity helped push sales of previously owned homes up 20.7% from the prior month.
Home buying demand skyrocketed during the pandemic as interest rates collapsed and an influx of Americans started working from home. However, the Fed's rate hikes have quickly spurred a reversal.
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3112 State Street, Santa Barbara, California 93105
Mark Lomas BRE 00898298
Kirsten Wolfe BRE 01309570
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