The housing slowdown we’ve been anticipating for months is here.
The big picture: Home sales are slowing down, and some of the pandemic era’s hottest “Zoomtowns” — sleepy areas where remote workers pushed up real-estate prices — are already seeing price drops.
Why it matters: The idea of a real estate downturn might seem scary, especially if you lived through the last one. But with home prices at record highs, this was a market overdue for cooling off.
What’s happening: “Activity in the housing sector has weakened,” is how Fed Chair Jerome Powell put it Wednesday, at a press conference announcing another 0.75 percentage point rate hike.
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