Home buyers can expect lower inventories and higher prices

Home buyers

Home buyers Low interest rates take away some of the sting

By Anya Martin | The Wall Street Journal

As winter draws to a close, homeowners coming out of hibernation are looking for new homes. And those who sleep too late can expect to pay top dollar for the house they want.

Buyers are anticipated to outnumber sellers this spring, creating a shortfall in inventory that is driving up asking prices, says Lawrence Yun, chief economist for the National Association of Realtors, or NAR.

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New home sales weaken

By NAHB Elevated mortgage rates that averaged 7.62% in October per Freddie Mac, the highest rate since 2000, depressed buyer demand and pushed down new home sales in October.

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