Housing market starting to shift back to buyers
Housing market starting to shift back to buyers
Abstract
The Homebuyer Demand Index was down 9% year-over-year during the week ending May 29. This was the seventh consecutive decline in the index, which measures requests for tours and other homebuying services. The surge in mortgage rates is one of the primary reasons for consumers edging away from the market. The median asking price of newly-listed homes increased 17% to $412,450. In May, the average price of new listings was 17.5 percent. In April, the price of a home in a home was $2,000. The average home was down 10.9 percent.
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