Housing Market Is 'Overly Sensitive' To Fed Rate Hikes. Experts Weigh In On What's Next. – USA TodayMarch 22, 2023
Jeff Taylor, founder and managing director at Mphasis Digital Risk and board member at the Mortgage Bankers Association, agrees with that assessment. If the Fed had done nothing and inflation continued to run rampant, prices still would have come down most likely due to a much faster recession and economic hardship, he says. “When it comes to median prices of existing homes, it's most relevant for home buyers to look at price trends versus the previous month and relative to the pandemic peak. February existing home prices of $363,000 were up $4,000 from January, but down $50,800 from the pandemic era peak of $413,800 in June 2022,” he says.
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