The mortgage interest rates have risen again.
However, it is expected that they may continue to increase in the future. So, how will this affect the real estate market?
Looking at the interest rates announced last Friday, they have increased once again from the previous week's 7.63% to 7.79%. 7.63% was already the highest interest rate since the 21st century began, and this record has been surpassed once more.
The unfortunate news is that experts believe that the current interest rate is not yet at its peak. As interest rates rise, it is expected to have a significant impact on home values and transaction volumes. Let's take a closer look.
As you can see, the average home prices in the United States have increased slightly compared to the same period last year. However, I want to emphasize that this figure represents the "average," including all transactions, including properties in areas like abandoned homes in the south of Chicago. Neighborhoods with good school districts and quality living conditions, which many Koreans often seek, have seen much more significant increases.
It's a fact that there are not many homes available on the market. As a result, the time homes spend on the market has decreased. In other words, there is more competition among buyers for a single property. This is a clear indication of a supply shortage, which means that home prices have no choice but to go up.
The number of new home listings has also decreased by 1% compared to the same period last year. This directly shows the decrease in supply. As a result, if demand had also decreased, we would have seen a different picture in terms of home prices and the number of homes on the market. However, the market still has a situation where demand exceeds supply. In other words, the balance between buyers and sellers is becoming increasingly imbalanced.
Today, based on the news of rising mortgage interest rates, we have looked at an article from realtor.com. We will continue to find more informative articles for you in the future.
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