Source: Yahoo Finance —
Home prices in the U.S. have continued to surge despite higher mortgage rates. According to the National Association of Realtors (NAR), the median home price has jumped almost every month in 2022. For example, it reached a record high of $413,800 in June before falling to $389,500 in August.
Last week, the mortgage rate surpassed the 7 percent mark to its highest level since 2002. As per the Freddie Mac report, rates on fixed-rate mortgages rose to 7.08 percent, up from 6.94 percent the previous week and 3.14 percent last year.
“As inflation endures, consumers are seeing higher costs at every turn, causing further declines in consumer confidence this month,” Sam Khater, the chief economist at Freddie Mac, said in a statement.
“Many potential home buyers are choosing to wait and see where the housing market will end up, pushing demand and home prices further downward,” Khater added.
Meanwhile, celebrities in the U.S. are busy making big real estate moves. Here are some of the celebs who are listing their properties at whopping prices.
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