Real Estate Titan Zillow Sees Tough Times Ahead in Housing

After the residential real estate market boomed in the first 18 months of the covid pandemic, it has now sagged. Home prices and mortgage rates have soared, depressing demand and sending sales down.

On the price front, the median existing-home sale price hit $416,000 in June, jumping 13.4% from a year earlier, according to the National Association of Realtors. June’s figure marked 124 straight months of increases compared with a year earlier, the longest streak on record.

As for mortgage rates the 30-year fixed-mortgage rate averaged 4.99% for the week ended Aug. 4. That’s up from 2.77% a year ago, though down from 5.3% a week earlier, according to Freddie Mac.