U.S. existing home sales squeaked past November forecasts, rising 0.8% for the month and bringing the seasonally adjusted annual rate to 3.82 million units sold. As much as the housing market needs fresh, first-time buyers to participate, inflated prices and elevated mortgage rates could still be squeezing prospective buyers from making a purchase.
National Association of Realtors (NAR) Chief Economist Lawrence Yun and Middleburg Communities Chief Economist Brad Case join Yahoo Finance Live anchors Brad Smith and Brooke DiPalma to weigh in on home price trends to expect in 2024 and beyond.
Yun notes that mortgage rates have come down, which will bring more buyers but insists home sales performance can’t be gauged until well into 2024 because home buying “is not a snap decision.” Case sees the high mortgage interest rates and the overall “bubblicious” nature of the market as factors that are holding people back from buying homes at the moment, and into 2024.
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🍘The wealthy corporations are buying the houses to make money in rent, now that normal worker cannot effort to buy a home. The key to knowing the state of the economy. Question: Can I afford in the *Biden^administration what I could afford in the last administration? And the answer is: NO, you cannot. If you are living your life on credit, you do not even own your life.
Nay… People who has money has already buy before all these mortgage going up. The government see that less people are buying. That’s why instead of keeping the interest rate. They lower the interest rate to get more buyers. I’ve seen many of these apartments and houses has no one living in. Either those owner are extremely rich to let those houses sit or those owner using it as AirBnB. I got friend who owns many of those houses as AirBnB, they are losing business because too many of properties for AirBnB and less people is coming out due to the economy slow down. Don’t let them fool you just bc they changed the recession definition.