30-year fixed mortgage rate increase strains US real estate market, while luxury home sales grow.
The US real estate market is severely strained for most buyers, with new home sales and transactions for previously owned properties declining. The only sector experiencing growth is luxury homes, where sales of properties valued over $1 million have increased. The 30-year fixed mortgage rate near 6.9% has significantly raised borrowing costs for potential homeowners, while the wealthy remain unaffected.
July 24, 2024
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