Housing market correction? Here’s what experts think is ahead for the real estate market

  • The Fed's interest rate hike is supposed to give housing industry a "reset," yet brings uncertainy.
  • Fed Chair Powell said in effort to cool "red-hot" housing market, it takes a "difficult correction."
  • Expert: Housing inventory will remain tight in the coming months, even for the next couple of years.

The Federal Reserve's interest rate hikes may be intended to give the housing industry a "reset," as chair Jerome Powell wanted, but it also may have further confused homebuyers and sellers on what to do next. 

Average 30-year fixed mortgage interest rates have spiked from 3.2% to 6.38% over the past six months, tightening supply as sellers hang on to those early, historically low rates. But the demand for housing of all types still remains high nationwide.

Terry Collins | USA TODAY

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