Economist from NAR says low point in sales “likely over”
Roseville, Calif.- Pending home sales rose 2.5% in December, signaling that the slowdown in the housing market may be ending. The National Association of Realtors issued the report which also said, new home sales increased along with loan applications.
“The recent low point in home sales activity is likely over,” says NAR Economist Lawrence Yun. “Mortgage rates are the dominant factor driving home sales, and recent declines in rates are clearly helping to stabilize the market.”
The housing market has been slowing since the record high when the pandemic and low interest rates propelled buyers into the market. In addition, the market has been restricted by the rapid increase in mortgage rates. This dramatically increased mortgage payments and chased many buyers to the sidelines.
⤹ Sacramento Oct 18- 20, 2024 ⤸
⤹ Sacramento Oct 18- 20, 2024 ⤸
⤹ Sacramento Oct 18- 20, 2024 ⤸
⤹ Sacramento Oct 18- 20, 2024 ⤸
“The new normal for mortgage rates will likely be in the 5.5% to 6.5% range,” Yun says. “Job gains will steadily become important in driving local markets.
related
- Roseville Area Local Housing Market Update: Looking Ahead to 2023
- 2023 Sacramento Housing Market’s Biggest Challenge?
- Roseville Housing Market October Update – Not as bad as you are hearing
Julie Jalone
If you or someone you know is considering buying, please feel free to contact me MagnumOne Realty office in Roseville at (916) 276-6883 and email at [email protected].
We specialize serving the needs of buyers and sellers of homes in the Roseville and Sacramento area including Sacramento, Placer, El Dorado, Sutter and Yuba counties.
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