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Is the housing market still hot? What you need to know

Home prices have been up sharply, but rising mortgage rates and low supply have been weighing on the market. What could it mean for buyers and sellers alike?

June 1, 2022

In many ways, today’s housing market is unlike any other.  A strong increase in demand in the wake of the pandemic helped spark a surge in home prices, which have reached record levels and have been a boon for sellers.   At the same time, a sharp decline in affordability has become a challenge for many would-be buyers and is prompting a slowdown in sales.

Is the housing market still hot? What you need to know

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Is the housing market still hot? What you need to know

In this episode of the Perspectives podcast, hosted by Chris Hyzy, Chief Investment Officer for Merrill and Bank of America Private Bank, our experts unpack the state of today’s housing market, including what’s driving the rapid rise in home prices and where they could head from here. They look at how important trends, including the sharp rise in mortgage rates, the population boom in lower-cost areas of the country, rising rents and the work-from-anywhere movement are affecting the outlook.  And they offer a range of practical ideas and steps you could consider today if you’re thinking of buying or selling a home.

Joining Chris in this conversation are Alex Lin, senior U.S. economist for BofA Global Research, and Kathy Cummings, Fair Lending and Strategic Relationships executive for Bank of America.

For more information, read the May 2022 Bank of America Institute report on the housing market Is this time different and explore Bank of America’s 2022 Homebuyer Insights Report. And also check out the Bank of America Real Estate Center and Bank of America’s First-time Homebuyers site, which includes a range of helpful tools and resources.

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