Trump tariffs could have major impact on housing market

FRESNO, Calif. (KFSN) -- After owe complaint increases and soaring location prices, galore are present wondering however Trump's tariffs volition impact involvement rates and lodging costs.

"In the past year, the rates are a small higher, successful the past 4 years, they were adjacent higher truthful with that being said, we are seeing the rates are coming down and they're steadily coming down, but slowly. Are we astatine pre-pandemic levels yet? No, not yet. We'll astir apt ne'er beryllium that low," says Paul Salazar, Mortgage Loan Originator, Sierra Pacific Mortgage.

Paul Salazar, Branch Manager of Sierra Pacific Mortgage, gave Action News an illustration of a alteration successful complaint successful conscionable the past month.

"A period ago, you could lone get 6.750, but contiguous you tin get 6.6250," says Salazar.

Most lumber utilized successful the U.S. is from Canada, and that lumber is present facing a 14.5% tariff. The National Association of Home Builders estimates this could summation the mean outgo of a location by astir $9,200.

Valley realtors similar Don Scordino are keeping a adjacent oculus connected user assurance and supply.

"There is much proviso than I would accidental this clip past twelvemonth than the twelvemonth before. Most of it seems to beryllium from radical aging and moving into status homes," says Don Scordino, Realty Concepts.

Last month, location prices successful California were up 6% compared to past year, with the median merchantability terms implicit $830,000. Here successful Fresno, it's astir fractional that astatine $414,000.

Scordino says uncertainty successful the marketplace could make opportunity.

"I deliberation what you're going to spot is involvement rates volition driblet a small bit, and prices volition spell up a small bit. It'll astir apt equilibrium out," says Scordino.

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