AdvertisementYears of soaring prices powered the big profits for U.S. home sellers last year, ensuring outsized gains even as sharply higher mortgage rates knocked the housing market into a skid. Surging mortgage rates and sky high prices last year slammed the brakes on what had been a red-hot housing market during the first two years of the pandemic. The national median home price has more than doubled since 2012, when the U.S. housing market was just beginning to recover from the bursting of the housing bubble and Great Recession. Still, that gain is below 2021’s 17.6% rise, when the housing market was still being fueled by historically low mortgage rates. Mortgage rates have been falling in recent weeks.

Source: New York Times January 26, 2023 15:41 UTC