Home sales dropped in March due to rising mortgage rates around 7.5%. The number of homes for sale has increased, but it's not enough to offset the impact of higher borrowing costs. The median home price hit a record $393,500. First-time buyers are struggling with affordability challenges, while investors are pulling back. The housing market is stuck in a narrow range, with sales low due to affordability and inventory shortages.
Due to a lawsuit, the National Association of Realtors is changing its commission rules. Home sellers will now pay less, while buyers may pay more for agent services. The lawsuit and settlement challenge NAR's traditional commission structure, paving the way for new models like flat fees. This could disrupt the industry, leading to new competitors and potential changes in how real estate agents are compensated.
