Redfin deputy chief economist Taylor Marr estimated that the number of households buying or selling real estate nest year will fall to the lowest level since the 80s.
this week according to Freddie Mac. The mortgage securitizer reported Thursday that the 30-year rate dipped to 6.33% from 6.49%. A year ago the average rate was 3.1%.
People who either thought about or were selling their homes "decided they're going to wait a couple of years until rates are much lower and economic environment is better," he said. , Redfin projects that there will only be 4.3 million existing home sales. Meanwhile, the real estate brokerage projects there will be about 132.5 million households.
On the other hand, the rental market has been cooling down due to more supply becoming available from new construction as more renters stay put.
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