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The red-hot housing market has cooled considerably. As to rumors of a crash on the horizon? That seems unlikely.
While home prices and interest rates remain on the rise, inventory and wages continue to plummet – conjuring a perfect storm of sorts for potential buyers.
“You’re not going to see house prices decline … [t]here’s just not enough inventory,” says New American Funding’s Rick Arvielo, in a nod to supply and demand.
The National Association of Realtors reported the median sale price in February at $384,500 – which pales when compared with Arizona, where the same price over the same period was $465,000.
– Hannah Van Sickle, The Arizona 100