WRONG DIRECTION: New home sales tumble as mortgage rates march higher
Ferguson CEO Kevin Murphy discusses if the housing market is in free fall as mortgage rates surge and demand dwindles on 'The Claman Countdown.'not seen in over a decade edged prospective homebuyers out of the market.
is still normalizing to an economy under pressure from higher borrowing costs, nagging inflation and uncertainty about future Fed activity," said Jeffrey Roach, the chief economist at LPL Financial. "Housing demand will likely fall further in the coming months, putting downward pressure on median prices."aggressive campaign to tighten policy and slow the economy.
Combined with high home prices, the rapid rise in borrowing costs has pushed many entry-level homebuyers out of the market.