The housing market is experiencing a surge in prices, with a 6.3% increase in April compared to the previous year. Despite high mortgage rates making monthly payments unaffordable for many buyers, the demand for housing remains strong.
One of the reasons behind the continuous growth in home prices is the chronic shortage of housing inventory. Fewer homes are available for sale, partly due to the effect of homeowners locking in low mortgage rates in the past. With current mortgage rates ranging around 6.87%, sellers who secured rates as low as 2.65% in the past are less inclined to put their homes on the market.
The disparities in mortgage rates and the scarcity of available homes for sale contribute to the ongoing increase in home prices. As a result, the housing market remains competitive, with buyers facing challenges in affordability while sellers hold off on listing their homes for sale.
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