Single-family home developers haven’t experienced a downshift in sales due to more inventory, however. Higher property insurance rates may be a bigger concern.
AirDNA reports that coastal area short-term rentals were 17% more popular among tourists than hotels. Short-term rentals also attract business travelers.
The Fed's rate hikes have slowed the housing market, but home prices remain near record levels because home values are not driven just by interest rates.
Rising bond prices have pushed down treasury yields, which can ultimately drive down mortgage rates. But some investors say the relief could be short lived.