According to the National Association of Realtors, the median home price in The United States stood at $363,000 thousand dollars in February, that is, 0.2% less compared to the previous year.
According to the report, it is detailed that in the In the West of the country, prices fell by 5.6% and in the Northeast they decreased to 4.5%. “This is not the bottom of prices,” said NAR chief economist Lawrence Yun.
For their part, prices in the South of the US increased by 2.7%, as in the Midwest, which reached 5%. “We expect a continued price correction, but we don’t expect prices to crash,” Yun said.
In this sense, the analyst expressed that These figures can both decrease and increase, everything will depend on how the real estate market develops.. “Could we see a 5% decline? Sure, but we could also see a 5% increase. My forecast is for prices to drop 2% this year,” she added.
On the other hand, sales of second-hand homes for example increased by 14.5% after buyers stayed on the sidelines due to high mortgage rates.
However, this Wednesday mortgage rates fall again, this being the second large decrease in the month, standing at 6.48%, after in October of last year they shot up to more than 7%.
“Both purchase and refinance requests increased for the third week in a row as borrowers seized the opportunity to act, despite the fact that the overall volume of applications remains at relatively low levelssaid MBA deputy chief economist Joel Kan.
In this sense, Yun highlighted that “inventory levels are still at historical lows, therefore, multiple offers are returning in a good number of properties,” he said.
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Source: La Opinion
