Pre-existing homes were a bit tougher to sell in the beginning of 2018, the hardest in three years.
According to The National Association of Realtors, the pending home sales index dropped to 104.6% down 4.7 percent. New single-family homes and pre-existing home both fell during the beginning of the year.
With the demands of homes rising, its causing the home prices to rise too and discouraging homebuyers. Some are beginning to be deemed unaffordable by first-time homebuyers in larger markets.
Mortgage rates are now at a 4-year-high. Also, the new tax code make economists unsure of the future for home sales in 2018.
Although job markets are looking good and more Americans have steady incomes, the rising mortgage rate is alarming homebuyers from purchasing a new home.
-Allen A Garzone II, Garzone Real Estate, Inc, Boston Real Estate Agent