The housing market continued to show signs of resilience in June despite the rise in mortgage rates. Home prices in many areas were higher than in previous years, and demand was growing due to low inventory. This is making it difficult for buyers to find their ideal home in a timely manner, and it also caused the home prices to remain relatively high.
The housing market is being driven by the tension between high demand and low supply. Potential buyers found themselves competing in multiple offer situations, and in some cases, listings were selling over the asking price. Despite the higher mortgage rates, traditional banks and non-bank lenders remained competitive with products offering an array of loan terms, and this is helping people realize their dream of homeownership.
Essential Elements of Summary:
• Resilience in the housing market despite high mortgage rates
• Home prices were higher than previous years
• Low inventory causing high demand
• Multiple offer situations
• Listings selling for more than asking price
• Traditional banks and Non-bank lenders remain competitive with loan products
You can read this full article at: https://www.housingwire.com/articles/home-prices-back-near-all-time-highs/(subscription required)
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