The New York Times, June 20, 2024, The Housing Market Is Weird and Ugly. These 5 Charts Explain Why.
When the Federal Reserve began raising interest rates in 2022, most economists thought the housing market would be the first to suffer the consequences: Higher borrowing costs would make it more expensive to buy and to build, leading to reduced demand, less construction and lower prices.
They were right — at first. Construction slowed, but then picked up. Prices hiccuped, then resumed their upward march. Higher rates made homes harder to afford, but Americans still wanted to buy them.
