REAL ESTATE MARKET NEWS

The housing market is following usual seasonal trends, but there are some notable differences. The 30-year fixed mortgage rate is currently 6.86%, which is limiting buyers' purchasing power compared to previous years. While the number of homes for sale has significantly increased by 35.7% compared to June 2023, the number of homes sold has slightly decreased by 3.1%. This suggests that despite lower interest rates, buyers are less active than they were last year. The increased number of homes for sale is expected to help stabilize prices over the summer.

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