The Imbalance In Today's Existing Home Market
The Existing Home Sales Report for March came out recently, showing that sales in the existing home market are still sluggish while prices remain high. The low supply hasn't dampened demand, and the median home sales prices have been going up, hitting a record high of $393,500 for the month of March. The rise in mortgage rates has slowed down the rapid increase in home prices seen during the pandemic. Any significant increase in mortgage rates or a downturn in the job market could pose risks to the housing market.