US Housing Market Hits 5-Year Low Amid Economic Uncertainty
TL;DR Summary
The US housing market remains sluggish despite the peak buying season, due to high mortgage rates, persistent high home prices outpacing wage growth, and a rate lock-in effect where homeowners with low rates are reluctant to sell. This has led to decreased contract activity and a standstill in market momentum, with little expectation of rate reductions soon.
Topics:business#home-prices#housing-market#lock-in-effect#market-slowdown#mortgage-rates#real-estate
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