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Housing Market Slows Amid Rising Rates | Real Estate News
Real estate cooled sharply last month as signed contracts plummeted nationwide, with the West hit hardest—driven by surging mortgage rates that jumped from 6.43% to 6.69% in just a month, making home buying tougher for first-time and move-up buyers alike. Builders are also struggling, with housing starts hitting their lowest since late 2022 and completions down—but there’s a flicker of hope: building permits for single-family homes rose, signaling builders are poised to ramp up when rates ease. While overall builder confidence remains low, custom and smaller-market builders are holding their…
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