The Federal Reserve is considering raising benchmark interest rates later this year. Hot housing markets, like San Francisco, Seattle, and Denver, are taking note.
Zillow, via the Wall Street Journal, reports that the raises could slow down home-price appreciation in the more popular markets.
San Francisco, for example, had a median home value of $764,600 in August, which was up 12 percent from a year earlier and was four times the national median value. Acceleration won’t continue with raised rates.
A federal rate increase will put pressure on the mortgage rates of more expensive (upwards from $750,000) homes, too.
Advertisement
Related Stories
Sustainability
Which Green Building Practices Are Home Builders Using Most?
A recent report reveals which green-building practices are most popular among single-family home builders and remodelers
Market Data + Trends
Single-Family Permits Show Increase in February
Year-to-date ending in February, single-family permits were up in all four regions of the U.S.
Financing
Q1 2024 Foreclosure Activity Rises Slightly
Data show New York, Houston, and Chicago topping the list of major metros with the greatest number of foreclosure starts during Q1 2024