“Unprecedented” has been one of the most commonly used words to describe the housing market over the last several years. Even in the midst of a nationwide housing correction, experts say new records are still being broken. For one, an east-west split is sending home prices surging on the East Coast and plunging along the West Coast, a situation exacerbated by tech layoffs and a banking crisis in major tech hubs across California and the Pacific Northwest.
In addition, after seven straight months of declines, home prices are in their worst housing slump in more than a decade, marking the longest losing streak since 2012, Insider reports. Luckily, a slight improvement in affordability is causing an uptick in pending home sales, signaling stronger demand in the months ahead.
"After nearly a year, the housing sector's contraction is coming to an end," NAR Chief Economist Lawrence Yun said in a statement. "Existing-home sales, pending contracts and new-home construction pending contracts have turned the corner and climbed for the past three months."
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