The hot housing market is starting to cool. As fewer people vie for the same house, potential homebuyers who have spent months shopping for a new home now have hope.
A blazing-hot housing market is starting to cool across the U.S., a sign of hope for potential homebuyers who have spent months shopping for a new home amid the most daunting circumstances in decades.
The combination of rising mortgage rates and skyrocketing home prices have prompted some buyers to bail on the market entirely, thus lowering competition, economists say. With fewer people vying for the same house, asking prices and the number of homes being sold have taken a noteworthy plunge. The average interest rate for a fixed 30-year home loan reached about 5.3% this week. That's a 13-year high, Realtor.com Chief Economist Danielle Hale CBS News. Today's mortgage rates are adding hundreds of extra dollars to monthly payments and people don't like that, Hale said.
"At the end of the day, some buyers are taking a step back and reassessing their options because the costs are just too much," she said. The median home price in the U.S. reached $425,000 in April, up 14% from a year ago and 32% from two years ago,
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