The housing market has had a bumpy ride, with high mortgage rates and a lack of supply of houses, all while demand remains high. On top of that, the way homes are being sold could be changing. With the potential for interest rates to be cut within the year, an influx of home buyers may enter the market increasing demand with a low supply of housing. What should potential home buyers be on the lookout for?
CoreLogic Chief Economist Selma Hepp joins Wealth! to discuss pricing in the housing market, supply and demand of housing, and what potential homebuyers need to keep in mind.
Hepp gives insight into how a low supply of homes has been driving demand: "There is a lack of existing supply of homes, which is driving demand towards new homes and there's been a greater availability of new homes, particularly in some markets in Southeast and South. So as a result of a greater availability of supply, we have seen more turnover, more transactions happening in those markets as well, and as a result of that slower rate of home price appreciation among existing home sales."
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