Housing Market Update: Where Are the Buyers?
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Housing Market Update: Where Are the Buyers?
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Where are the home buyers? We break down what’s keeping buyers on the sidelines—even as inventory rises. Lawrence Yun, chief economist at the National Association of REALTORS®, shares an in-depth look at today’s housing market. He explains why existing-home sales haven’t picked up despite better spring conditions and why elevated mortgage rates are keeping deals from closing. Melissa Bailey, real estate professional and team lead at the Jason Mitchell Group in Scottsdale, Arizona, discusses the challenges today’s buyers face. Ali Wolf, chief economist at Zonda, dives into the growing housing affordability crisis and compares new-home prices with existing-home prices. Plus, we explore whether painting a home’s brick white and open floor plans are hot or not.