Valley Housing Market Stays Sluggish at 6.6% Mortgage Rates as $475,000 Median Price Squeezes Buyers
Updated
Updated · KFSN-TV · Aug 18
Valley Housing Market Stays Sluggish at 6.6% Mortgage Rates as $475,000 Median Price Squeezes Buyers
2 articles · Updated · KFSN-TV · Aug 18
Summary
Mortgage rates near 6.6% are keeping the Valley housing market slow, with many would-be buyers delaying purchases in hopes borrowing costs ease later this year.
A roughly $475,000 median home price is compounding the strain: buyers likely need two incomes, annual income of about $85,000 to $95,000, and low debt to qualify comfortably.
Loan officers are urging shoppers to get pre-qualified now, saying lower rates could quickly bring multiple-offer competition back to a market where buyers currently face fewer rivals per listing.
Industry expectations still point to year-end mortgage rates around 6.3% to 6.5%, suggesting only modest relief even if borrowing costs edge down into fall or winter.