Hey kids! Did you know that buying houses in the US is a bit tougher these days? Fewer people are buying homes because prices are high and paying for a home loan (mortgage) costs a lot more now. This is impacting the housing market, which is like a big marketplace for homes.
- Home sales went down a bit in January.
- Home prices are still going up.
- It's harder for first-time homebuyers to afford a home.
- Mortgage rates (the interest on a home loan) are higher than before.
| Fact | Number |
|---|---|
| Drop in home sales (January) | 4.9% |
| Average home price | $396,900 |
| Average 30-year mortgage rate (currently) | Around 7% |
| Typical home supply (balanced market) | 5-6 months |
