Mortgage rates have surged above 7 percent as home prices have fallen by their largest amount since 2011. Zillow’s home value and sales forecast shows that prices may start rising for the rest of the year. According to the National Association of Realtors, data from the last three decades suggest buyers are much more likely to move in the spring and summer peak seasons.
The warmer seasons typically make up the large majority of the sales activity throughout the year, especially for homes in the Northeast, where nearly 66 percent of the activity occurs during the peak seasons. Despite the expectation for homes to increase with current trends, home prices have fallen for the first time in the month of June for the first time in six years. It’s also been the first time there were fewer active listings compared to a year ago, in more than a year.
