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27

Higher Home Prices Risk Closing Door on U.S. Housing Momentum

By Tony Seruga

More Americans say home-buying conditions bad because of price
Despite low rates, higher asking prices cut into affordability

Signs are mounting that rising home values are starting to close the door for more Americans, threatening to temper the momentum in residential real estate.

Purchases of previously owned houses unexpectedly fell in July to an 11-month low and sales of new homes were the weakest this year, reports showed this week. While the median time on the market for existing properties was 30 days in July compared with 36 days a year ago, indicating resilient demand, the number of listings remains lean and problematic…

Higher Home Prices Risk Closing Door on U.S. Housing Momentum

Categories : Real Estate

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