Inflated rental prices stabilize as home sales continue to decline

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Inflated rental prices stabilize as home sales continue to decline

Inflated Rental Prices Stabilize As Home Sales Continue to Decline The U.S. housing market continues to decline for the seventh straight month, yet rent prices seem to be stabilizing In the last two months, the median price of a home dropped from $413,800 in June to $389,500, a 6% decrease, Axios reported. Inflated mortgage rates and a "heated housing market" have slowed home buyers, yet there is a chance people will begin to buy out of necessity as the market stabilizes, Towne First Mortgage Loan Officer Ben Schuhle Housing affordability has taken a hit as home sales continue to decline and interest rates increase. In the meantime, homeowners are not under stress, as nearly all of them have locked in low monthly payments from last year," National Realtors Society Chief Economist Lawrence Yun.

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