The US housing market is having a tough time! Fewer homes are being sold than last year. High mortgage rates (the cost of borrowing money to buy a house) and expensive homes are making it hard for people to buy.
- Home sales dropped to a record low in January.
- Mortgage rates are high, between 6.91% and 7.04%.
- Home prices are still rising, with the average home costing $396,900.
| Fact | Number |
|---|---|
| Drop in Pending Home Sales | 4.6% |
| Average Home Price | $396,900 |
| Mortgage Rate Range | 6.91% - 7.04% |
