Roseville, is the slowdown in the housing market over?

The NAR economist said the sales low was “probably over”.

ROSEVILLE, Calif. – Pending home sales rose 2.5% in December, signaling that the slowdown in the housing market is coming to an end. A report released by the National Association of Realtors also said that sales of new homes increased along with loan applications.

“The recent downturn in home sales activity appears to be over,” NAR economist Lawrence Yun said. It helps stabilize the market.”

The housing market has slowed since the pandemic and low interest rates drove buyers into the market at record highs. Additionally, the market is constrained by the rapid rise in mortgage interest rates. This dramatically increased mortgage payments and pushed many buyers to the sidelines.

“The new normal for mortgage rates will probably be in the 5.5% to 6.5% range,” Yoon said. “Job gains will become increasingly important in driving the local market.

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Julie Jarone

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