Posted 3/21/2024, 6:06:00 PM
Home Prices and Mortgage Rates Continue Climbing While Sales and Inventory Drop
- Existing home sales jumped 9.5% in February 2023 to 4.38 million, but are still down 3.3% from February 2022
- Home prices have surged 25% since President Biden took office in January 2021
- Housing inventory dipped to lowest levels since 2016, while housing costs reached record highs
- Mortgage rates have risen from 2.79% in January 2021 to 6.78% currently
- Median home sales price increased from $307,400 in January 2021 to $384,500 in February 2024
