Posted 10/16/2023, 2:39:00 PM
High Rates Slam Housing Market, Lock Out New Buyers: Philly Fed's Harker
- Philadelphia Fed President Patrick Harker says current high interest rates have closed off housing market for new buyers
- High rates have hit housing by boosting costs and contracting inventory as sellers stay put
- More prospective buyers pushed into newly built homes due to lack of existing home inventory
- Harker reiterated Fed can hold rates at current levels absent stark change in data
- Housing contacts say "there are no first-time home buyers" due to high rates
/cloudfront-us-east-2.images.arcpublishing.com/reuters/SX346CJY4BIXPPF3NXDT4Y5IAE.jpg)