The housing market is seeing record new home sales, but prices have fallen slightly. This is likely due to a lack of existing homes for sale, making new homes more attractive.
However, the manufacturing and service sectors are showing signs of weakness. This could lead to job losses and cause the Federal Reserve to slow its pace of interest rate hikes to stimulate the economy. The market reaction to this news has been mixed.
The housing market is facing difficulties with high interest rates, affordability concerns, and a slowdown in sales. However, there are positive signs: inventory is increasing, and prices in some areas are declining. Experts predict that prices could continue to fall as the market stabilizes.
