Home›Real Estate›Residential›Elevated mortgage rates slow home sales as buyer deman…

Elevated mortgage rates slow home sales as buyer demand softens

Reported · Written up by our desk · Residential

Zillow Research said elevated mortgage rates are weighing on home sales activity, with buyer demand softening and newly pending sales declining.

The firm linked the cooling for-sale market to higher mortgage costs and expects more softness ahead, even as rental demand rises.

Zillow also pointed to a shift in the housing demand mix, suggesting that potential buyers are increasingly turning to rentals as financing gets more expensive, according to its August market report.

More like this

Sources