for the first time since the week of May 30, sparking concerns in the housing market. National Association of Realtors deputy chief economist and vice president of researchemphasizing the critical need for new home construction to boost supply. Many existing homeowners are reluctant to sell due to their locked-in lower rates, further complicating the inventory shortage.
And, and as we're thinking about how that's playing into the calculus of buying a new home versus buying an existing home, where are you seeing that trade off kind of net out among those prospective buyers? Today, we're talking about a very substantial change in that mortgage payment that they may not be willing to do or cannot pay for that change above $700 a month.Do you see affordability getting any better as the fed begins to cut interest rates anticipated in the second half of this year.But we also know that home prices are continuing to go up.
So if interest rates are cut and then that impacts mortgage rates as well, potentially more bidders hopping in and then with that bidding war, you could see the price having even more of a premium on top of it. At the exact same time that baby boomers are hitting retirement actively in retirement, looking for that perfect home as well.
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