Housing Market: Cautious Pause Persists

Housing Market: A Cautious Pause Despite Encouraging SignsThe housing market remains in a cautious pause, with home shoppers hesitant to rush back despite attractive borrowing costs. Pending home sales saw a mere 0.7% gain in late October, the smallest increase in four months, as average mortgage rates hit a one-year low. Buyers are grappling with the opportunity of lower rates and economic anxiety. The typical home now takes 48 days to sell, the slowest October pace since 2019, indicating buyers increased caution. Sellers must exercise patience, consider price reductions, or both, as the market moves at a remarkably sluggish pace. DNN | The Daily News Now! The world’s first global local news network. Every city. Every story. AI powered. Hosted on Acast. See acast.com/privacy for more information.