{"id":158395,"date":"2022-05-27T16:02:52","date_gmt":"2022-05-27T16:02:52","guid":{"rendered":"https:\/\/precoinnews.com\/?p=158395"},"modified":"2022-05-27T16:02:52","modified_gmt":"2022-05-27T16:02:52","slug":"this-is-the-city-where-homes-stay-on-the-market-longest","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/this-is-the-city-where-homes-stay-on-the-market-longest\/","title":{"rendered":"This Is the City Where Homes Stay on the Market Longest"},"content":{"rendered":"
Home buying statistics have changed recently. More home inventory has hit the market in the past few months and prices have continued to rise to record levels. The theory behind the increase in inventory is that sellers want to sell their homes before rising mortgage rates undermine unusually high prices.<\/p>\n
Mortgage rates almost certainly have begun to hurt the market for sellers. The National Realtors Association The Pending Home Sales Index recently released showed the figure in April dropped 3.9% from the previous month. Lawrence Yun, NAR\u2019s chief economist, commented, \u201cPending contracts are telling, as they better reflect the timelier impact from higher mortgage rates than do closings. The latest contract signings mark six consecutive months of declines and are at the slowest pace in nearly a decade.\u201d<\/p>\n
The NAR\u2019s home sales report for April said that among the changes in home buying economics is the number of people who can work from home. This ability was driven largely by the COVID-19 pandemic. Companies were forced to close their offices. Many companies remained concerned about health conditions and have not reopened. Part of the workforce has used this to relocate. In many cases, people have left expensive coastal cities like San Francisco and New York for less expensive cities inland.<\/p>\n \t\t\t\t