Source: Bezinga —
The U.S. housing market is now slowing down after a record-breaking run that saw home values soar to new highs and mortgage rates drop to historic lows.
Although demand and price growth are slowing, analysts and housing economists predict that any correction would be minor.
Ryan Frazier, CEO of Arrived Homes, sums up the consensus among housing experts: “I think it entirely depends on how long interest rates will remain elevated.”
It took longer than expected for the real estate market to begin to slide. According to the National Association of Realtors (NAR), the median home price surpassed $400,000 for the first time ever in the spring of 2022. According to NAR data, prices have increased by almost 40% since the pandemic began, with price increases of up to 70% in some markets.
