The housing market is challenging for those searching for a home right now. Home prices hit record highs in 60% of major markets, according to a report from Black Knight, and mortgage rates reach 6.9%, according to Freddie Mac. Black Knight Vice President of Enterprise Research Andy Walden tells Yahoo Finance Live that "nobody’s winning right now" in the housing market. Walden explains how "it is a seller’s market by the numbers. If you look at months of inventory out there, it’s 2.9 months, it’s firmly in the seller’s camp." But it is "not a sell and re-buyer’s market because you can get the price you want on the sale of your home, but then" you will have to "give up your low rate and compete at higher interest rates and higher prices." Walden says, "there are no winners in today’s market. It’s a challenging market for folks trying to relocate, certainly a challenging market for folks trying to enter in. I think the winners are existing homeowners."
Housing market: 'Nobody's winning right now,' analyst says
08/08/2023 03:43
The housing market is challenging for those searching for a home right now. Home prices hit record highs in 60% of major markets, according to a report from Black Knight, and mortgage rates reach 6.9%, according to Freddie Mac. Black Knight Vice President of Enterprise Research Andy Walden tells Yahoo Finance Live that "nobody’s winning right now" in the housing market. Walden explains how "it is a seller’s market by the numbers. If you look at months of inventory out there, it’s 2.9 months, it’s firmly in the seller’s camp." But it is "not a sell and re-buyer’s market because you can get the price you want on the sale of your home, but then" you will have to "give up your low rate and compete at higher interest rates and higher prices." Walden says, "there are no winners in today’s market. It’s a challenging market for folks trying to relocate, certainly a challenging market for folks trying to enter in. I think the winners are existing homeowners."
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