Mortgage Rate Spike Slows Housing Market Despite High Demand
- Home sales fell in March amid rising interest rates and low inventory.
- The median home price dropped slightly but remains significantly higher than pre-pandemic levels.
- Mortgage rates rose for the first time in over a month, deterring many potential homebuyers.
- New home construction is increasing but still lags behind demand, limiting options for buyers.
- Affordability remains a barrier for many as higher rates and sustained price growth strain budgets.
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