The pandemic housing market rally, a bright spot for the U.S. economy, may already have peaked as the growth in home prices starts to slow.
Mortgage rates in the U.S. started 2021 by setting another record low. The average for a 30-year, fixed loan fell to 2.65%, down from 2.67% last week and the lowest in data going back 50 years, Freddie Mac said in a statement Thursday.
Prices for single-family homes across the U.S. increased 12% in the third quarter, the biggest annual jump in seven years, according to the National Association of Realtors.
Nowhere is the widening gap between real estate and the real economy more apparent than in Las Vegas, where tourism is in ruins, wages are plunging and home prices just keep rocketing higher.