All articles tagged with #housing market slowdown
The US housing market is experiencing a slowdown, especially in the South and West, with the slowest markets seeing homes stay on the market significantly longer than last year due to increased inventory and higher mortgage rates, with Nashville, Miami, and Orlando among the most affected.
One in three home buyers in the U.K. are expected to pay cash for their property purchase in 2023, a significant increase from the average of 20% over the past five years, according to a report by Zoopla. The rise in cash buyers is driven by less favorable mortgage rates and is expected to continue in 2024. This trend poses challenges for buyers reliant on mortgages, as sellers often prefer cash transactions for their faster sales process. The high cost of borrowing is also cooling home prices across the U.K., resulting in the most significant slowdown in price growth since 2009.
US home prices have experienced their biggest annualized drop in over 11 years, with the median existing-home price falling 1.7% to $388,800 last month, according to the National Association of Realtors. The slump comes amid a rapid rise in mortgage rates, with the average 30-year fixed-rate mortgage climbing from 5.25% to 6.35% over the past year, likely weighing on demand and discouraging people locked in at lower mortgage rates from selling their houses. Sales activity also dropped 3.4% between March and April and over 23% year-on-year.