U.S. Housing Market Weakens

SOURCE www.cnbc.com
The U.S. housing market is weakening due to high mortgage rates, elevated prices, and limited supply of listings. Sales of previously owned homes fell in January. Mortgage rates have remained high despite interest rate cuts. Inventory is increasing but still low.

Key Points

  • Sales of previously owned homes fell 4.9% in January
  • Mortgage rates have remained high despite interest rate cuts
  • Inventory is increasing but still at a low level

Pros

  • Increased inventory allows more qualified buyers to enter the market
  • Higher price point homes are selling well

Cons

  • First-time buyers are struggling
  • Lower price point homes sales are falling