After six years of strong house price growth, the U.S. housing market is now cooling. House price rises are decelerating gradually. Demand and construction activity are falling, amidst rising interest rates. Homebuilder sentiment is also at its lowest in more than three years.
The U.S. housing market is expected to continue to slow in the coming years. NAR projects only about 1% increase in existing home sales this year to 5.4 million units. In addition, the national median existing-home price is forecast to rise by a modest 3.1% to around US$266,800.
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This article is courtesy of Global Property Guide.
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