By Arlenys Tabare
According to the report published this Tuesday by the Federal Housing Finance Agency (FHFA), Prices of single-family homes in the United States during the month of February remained unchanged in the midst of a tight real estate market.
According to the FHFA analysis, the stability observed in the month of February is compared to the increase of 0.2% registered in January; however, The overall increase for the 12 months through February was 1.7% from the 1.8% seen in January.
The agency highlighted several factors that have been driving home prices, mainly a lack of inventory in the face of high demand and, recently, high mortgage rates and soaring inflation due to the conflict in the Middle East, which increased energy prices.
Although greater movement in the market was expected for this spring, homebuyers are pulling back; Specialists in the sector consider that the dream of having their own home for many young Americans is falling out of reach.
The FHFA report also highlighted that lack of affordability is a key issue for the upcoming elections. The difference between one state and another in terms of housing prices is abysmal; For example, in the South Atlantic, Central South East and Central South West regions they fell 1.1%, while in the Central South East and Mid-Atlantic region they increased between 4% and 4.2%.
Regarding interest rates, which have fluctuated in recent weeks, influenced by the development of the war in Iran. 30-year fixed mortgage rates are around 6% and 15-year rates are above 5%, according to reports from Freddie Mac and Fannie Mae.
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