The housing slowdown is here

The housing slowdown we've been anticipating for months is here. The big picture: Home sales are slowing down, and some of the pandemic era's hottest "Zoomtowns" — sleepy areas where remote workers pushed up real-estate prices — are already seeing price drops. Why it matters: The idea of a real estate downturn might seem scary, especially if you lived through the last one. But with home prices at record highs, this was a market overdue for cooling off. What's happening: "Activity in the housing sector has weakened," is how Fed Chair Jerome Powell put it Wednesday, at a press conference announcing another 0.75 percentage point rate hike. To continue reading the rest of the article, please click on the source link below: https://www.axios.com/2022/07/28/housing-slowdown-mortgage-rates-jump