Many buyers hoped for better affordability, but home prices stayed resilient nationally as demand held up after the pandemic buying frenzy cooled.
A key driver stayed familiar: too many buyers chasing too few homes. Limited inventory continued supporting prices, especially where demand held firm.
The market also remained uneven. In places with more new homes and softer demand, buyers gained negotiating room as listings sat unsold longer.
An economist said sales increased even as mortgage rates rose, pointing to housing demand building alongside steady job and income gains nationwide.
The near-term affordability outlook carried mixed signals: incomes were rising faster than prices, but higher mortgage rates remained the main short-term challenge.
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