Good news for home buyers? Fannie Mae chief economist says the U.S. housing market has finally turned a corner. Here’s why.

Single-family home sales fell by 16.6% in April to their lowest annualized rate in two years. In addition, March new home sales were revised significantly downward. The chief economist at Fannie Mae said the housing market has turned. Rising mortgage rates – they have gone up by 200 basis points since the end of 2021 – have been the cause. A report issued by Realtor.com indicated that sellers and buyers may be willing to accept more approachable price points, which a senior economist called a reason for hope.

Key Takeaways:

• Single family homes fell more than 15% in April according to data released by the Census Bureau.
• New home sales were also down in March with a dip from 763,000 to 709,000 as well.
• Mortgage rates are also on the rise as they have went uop 200 points since the end of 2021.

“That was the slowest rate of sales since April 2020 during the earliest days of the COVID-19 pandemic, offering respite for buyers that the market is cooling.”

Read more: https://www.marketwatch.com/story/fannie-mae-chief-economist-says-u-s-housing-market-has-finally-turned-a-corner-a-sharper-downturn-in-residential-investment-is-now-underway-11653415119