The current situation of the real estate market and housing market in the U.S.:
Low inventory, low transaction volume. Those who are still buying generally have good economic conditions, so the average price is increasing. Especially in the northeastern region, where demand is stable and supply is limited, places like New York have seen a year-over-year increase of more than 6%.
Due to high mortgage interest rates, existing homeowners are reluctant to give up their low-interest rates and are not selling. Potential buyers are hesitant as well, finding 7% too high.
The largest price drops are in Texas and Florida, mainly due to fewer restrictions during the pandemic, with a large influx of people from other states. The government issued permits and developers were very active in building homes. Now that fewer new migrants are arriving, there is a significant backlog of houses.
Original article: https://www.toutiao.com/article/1831320363416588/
Disclaimer: The article solely represents the author's viewpoint.