‘SHOCKING’ PLUNGE IN CONSTRUCTION JOB OPENINGS AS FED RATE HIKES BEGIN TO STING
“The drop in prices is bringing more house hunters off the sidelines, but they’re in no rush because rates are high, and they have the upper hand,” he added. Some economists expect bigger declines in home prices this year as some overheated housing markets come back down to earth. The Redfin report gives a bit of an indication of what to expect next week when the National Association of Realtors releases its February existing-home sales data. Those reports have shown existing home sales are plummeting, but the drop off in demand hasn’t yet translated to price declines.
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