Yet, in the article this is found:
Soaring home prices and elevated interest rates keep some prospective buyers on the sidelines. Pending home sales dropped 3.5% year over year — their biggest decline in three months.
I think new home buyers are the main ones that are buying homes, as existing homeowners have no reason to move unless they want to acquire a higher interest rate loan! We are a good 9-12 months away from any significant changes if not longer.
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