Don’t look now, but the housing market is slowing down. What it means for you

Source: Miami Herald — 

The tea leaves are lining up in favor of homebuyers who can afford today’s higher mortgage rates. Multiple sources indicate that more and more people are canceling their home purchases because rates have moved beyond their reach — a situation that puts “sold” houses back on the market in droves. And the phenomenon is happening in both new construction and resale.

“A lot more new-home buyers (are) canceling,” reports Rick Palacios Jr., research director at John Burns Real Estate Consulting. And a source at the Redfin brokerage says sales of existing homes “are falling through at (the) fastest clip since 2020,” bringing the housing market to its knees, if only temporarily.