When the Fed raises interest rates, it also causes mortgage rates to rise, making housing more expensive and buying less attractive. “Home sales are bottoming out,” said nardotrealtor Chief Economist Lawrence Yun.
The hit to the housing market reflects the Federal Reserve’s efforts to lower inflation by raising interest rates, which has caused mortgage rates to rise and has put home purchases out of reach for many people.Existing-home sales fell by 0.7% in January to a seasonally adjusted annual rate of 4 million, according to a report by the National Association of Realtors released Tuesday.
“Home sales are bottoming out,” said NAR Chief Economist Lawrence Yun. “Prices vary depending on a market’s affordability, with lower-priced regions witnessing modest growth and more expensive regions experiencing declines.” “Inventory remains low, but buyers are beginning to have better negotiating power,” Yun said. “Homes sitting on the market for more than 60 days can be purchased for around 10% less than the original list price.”
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