Interest rates on houses across United States have increased this spring, leading to fewer home buyers.
Lawrence Yun, a chief economist for the National Association of Realtors, says that there is “not enough inventory so buyers are left with so few choices.” This has caused a 30-year low in home sales.
According to the National Association of Realtors, prices have gone up in all four regions of the United States. The median price is $407,600, a 5.7% increase from last year.
Yun predicts more homes will become available during the fall and winter seasons due to a decrease in interest rates and homeowners looking to sell their property.
