The pandemic home-buying frenzy came to a screeching halt when the U.S. Federal Reserve raised interest rates last June. Rates have since doubled, remaining firmly above 6%. After home sales plunged, the housing sector has recovered somewhat, but it is now facing a shortage of homes for sale, leading the market into a bidding frenzy once again.
It is fundamentally a different market, Bess Freedman, CEO of Brown Harris Stevens, told MarketWatch in an episode of Barron’s Live.
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