Home prices across the nation have reached record highs and continue to increase. But there are early signs that a slowdown in prices is in the cards, as newly built home sales tumbled over 16% in April 2022, according to the  Census Bureau and the Department of Housing and Urban Development.

For senior economist and manager of economic research at Realtor.com, George Ratiu, these are the five most important takeaways from today’s market:

1. Mortgage rates will likely continue to rise
2. There aren’t enough homes for sale, which makes your choices more limited
3. Home prices will likely keep going up in many markets, but not nearly as fast
4. Sellers will still have an advantage, but it won’t be quite so extreme
5. Don’t let FOMO land you in a house you don’t love

Though sellers are likely to retain the upper hand in this market, rising mortgage rates may help offset home price gains as demand levels off. To read more, click here.

“If you are interested in purchasing a new home or refinancing your current home, I would love to help!” said Josh Kilty, Fairway Mortgage. “Call me today to discuss your financing options.”