CNN —
On Wednesday, the Federal Reserve cut interest rates for the first time since the early days of the COVID-19 pandemic, slashing its benchmark rate by half a percentage point and signaling more rate cuts by the end of the year.
The housing market is one of the most interest-rate-sensitive sectors of the US economy, and over the past few years, elevated mortgage rates, along with sky-high housing prices, have contributed to a lack of home affordability.
The supply of homes for sale hasn’t kept up with demand as homeowners who locked in
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