Fed Chair Jerome Powell says the housing market is bottoming and 'maybe moving up a little bit'
The housing market is bottoming and may already be improving, Federal Reserve Chairman Jerome Powell said on Wednesday.
"Activity in the housing sector remains weak, largely reflecting higher mortgage rates," Powell told reporters after the rate announcement."Certainly, housing is very interest rate-sensitive, and it's the first place, really, or one of the first places, that's either helped by lower rates or is held back by higher rates. And we certainly saw that over the course of the last year. We now see housing putting in a bottom and maybe moving up a little bit.
And while that has also contributed to a cooldown in home prices, which spiked during the height of the pandemic as Americans rushed to move, affordability remains a high barrier for many.are too expensive for middle-income homebuyers, the National Association of Realtors found. Lower demand has been pressuring prices down, though this has been balanced against a tight market inventory.
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