Part 6/10:
Several intertwined factors are behind this deceleration:
High Mortgage Rates: Despite slight declines, mortgage rates remain above 6%, making homeownership less affordable and deterring potential buyers.
Affordability Crisis: Rising home prices combined with high interest rates have strained household budgets, leading to decreased demand.
Supply Constraints: Many homeowners are hesitant to sell, locking in their current residences and reducing inventory, which further hampers market liquidity.
Trade and Construction Costs: Elevated tariffs and trade tensions have increased construction costs, causing further delays and reductions in new housing developments.