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"Is a housing market crash imminent as new home sales decline?"
Despite new home sales declining, the median new house price increased by 6% to $430,700 in February, the highest level since last August.
(Source: US Treasury)
Housing prices may experience a correction due to increasing mortgage rates and declining affordability, but it is expected to be a gradual adjustment rather than a sharp decline.
(Source: Industry experts)
Homeowners have built up significant equity in their homes, which could absorb potential losses in market value.
(Source: CoreLogic report)
New home sales are not the only indicator of market health: existing home sales have shown signs of recovery, with a 5% increase in November and a 1% increase in December.
(Source: US Census Bureau)
Mortgage rates are expected to continue rising, potentially causing home prices to decline.
(Source: Freddie Mac)
Despite rising mortgage rates, experts predict that the housing market will not crash in 2024.
(Source: Industry experts)
New home sales surged in March, despite elevated mortgage rates, with a 10% increase from the previous month.
(Source: US Census Bureau)
Home rentals are expected to remain stable and rise slightly in 2024, with Redfin predicting a 5% increase.
(Source: Redfin)
House prices may decline due to increasing mortgage rates and declining affordability, but this is expected to be a gradual correction rather than a crash.
(Source: Industry experts)
Homeowners are advised to consider taking advantage of low mortgage rates to refinance or purchase a new home.
(Source: Financial advisors)
Despite the decline in new home sales, the overall economy is expected to remain stable, with the Federal Reserve predicting a gradual recovery.
(Source: Federal Reserve)
A housing market crash can be triggered by a combination of factors, including rising interest rates, declining affordability, and housing inventory, but is not expected to occur in 2024.
(Source: Industry experts)
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