Will Fall Bring Relief to the Housing Market?

Home prices surged during COVID-19, raising affordability concerns. As mortgage rates increased due to the Federal Reserve's actions against inflation, the market faced challenges. Recently, mortgage rates have decreased to around 6%, and home prices have slightly moderated. However, income disparities persist, and many homeowners with low-rate mortgages are reluctant to sell. While there are signs of potential market improvement, sales remain low, and inventory is still constrained. The housing market is expected to remain varied across different regions.