According to Zillow's chief economist, Skylar Olsen, the housing market is facing challenges due to waning consumer confidence and economic uncertainties. Despite a rise in the Case-Shiller Index, mortgage rates have not fallen as might be expected. Notably, New York City led with a 7.7% year-over-year gain, while other cities like Tampa and Miami saw price declines. Public sentiment is shifting against tariffs, which could affect housing demand amid concerns of rising inflation and soaring home prices.
Waning consumer confidence and economic uncertainties are impacting the housing market, with inconsistencies in trends and concerns over household budgets influencing buyer behavior.
The 10-City Composite rise of 5.2% annually shows top cities gaining but indicates a potential slowdown, as some regions experience home price declines.
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