Newsfeed: The U.S. housing market has gone cold 🥶

By Sam Ro, CFA

Low financing costs, excess savings, and a demand for more space during the pandemic fueled a frenzy in the housing market that sent home prices surging.

Homebuyers, however, are now confronting an increasingly unaffordable housing market that’s been plagued by shortages.

And with the Federal Reserve forcing financing costs higher in recent months, housing market activity has cooled off considerably.

“Housing is likely just at the beginning of recession,“ Tom Porcelli, chief U.S. economist at RBC Capital Market, wrote on Monday. “Of course, a large amount of activity was pulled forward during the pandemic and then you layer on top of that the sharp rise in rates (monthly mortgage payments up about +60% over the last year) and housing was sure to fall hard.“

 


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