The Spring housing boom was a complete bust. Real estate agents expected home sales to surge, but the surge never happened. It is the worst slump in 16 years. The American Dream is disappearing for young people.
According to the National Association of Realtors, transactions of previously owned homes in March decreased by 5.9% compared to February, reaching an annualized adjusted total of 4.02 million units—the slowest March pace since 2009—as elevated mortgage rates and economic concerns continue to impact the crucial spring housing market.
In the West, they fell by over 9% in a month. Mortgage rates, which were previously at 3%, have risen to 7%, driving the problem.
Since the Fed hiked interest rates, sales have been cut in half. The housing market is frozen. If we experience a recession, the Fed will likely cut rates, and a surge of homes could hit the market.
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