Home Sales Surge, Despite Rate Hikes & Shortage
Spokane News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Pending home sales surged in February, defying economists expectations, as lower mortgage rates spurred activity in the West, South, and Midwest. However, the Northeast saw a decline, and year-over-year contracts still fell. The Middle East conflict and inflation worries pushed mortgage rates higher, creating headwinds for the spring selling season. Despite this, house prices are projected to rise modestly this year and next, with affordability improving slightly due to wage gains. Housing affordability remains a hot political issue before the November midterms.
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