"Home Sales Surge Despite Rising Mortgage Rates Under Biden Administration"
TL;DR Summary
Existing-home sales rose 9.5% in February but are down 3.3% from last year, with home prices surging 25% since Biden took office and mortgage rates increasing to 6.78%. Housing inventory hit a record low, driving up costs and making home ownership unaffordable for many. Rent prices have also climbed 20%, and housing costs are expected to keep rising due to strong demand and limited supply.
Topics:business#biden-administration#home-sales#housing-prices#mortgage-rates#national-association-of-realtors#real-estate
- How it Started... How it's Going: Home sales down, housing prices, mortgage rates up since Biden took office Fox Business
- Home sales surge as buyers make peace with elevated mortgage rates Yahoo Finance
- U.S. Home Sales Jumped 9.5% in February - WSJ The Wall Street Journal
- Sales of Previously Owned US Homes Surge to Highest in a Year Bloomberg
- Home sales surged last month with more inventory hitting the market KOMO News
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