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Housing Market Shifts Amid High Rates | Durham News
Mortgage rates hover around 6.5%, slowing buyer momentum, but the housing market’s story is more nuanced. Pending sales dipped slightly week-over-week yet rose 4% year-over-year, while listings climbed modestly despite a short-term drop. Homes are staying on the market longer—39 days, just one day up from last year—reflecting cautious buyer behavior. Yet, median home prices just hit a record high over $408,000, fueled by lingering pandemic-era demand and price momentum. Buyers now have more leverage than before, even as prices climb steadily—not in the explosive jumps of the past few years…
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