US Housing Market Shifts with High Inventory and Rising Mortgage Rates
1 report, 1 independent
Updated Sep 21
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What happened
The US housing market is subtly shifting in buyers’ favor, with sellers outnumbered by buyers nationwide by 58% in August, the widest gap since 2013. The market currently holds 4.9 months of supply, the highest level in over a decade. Meanwhile, the median existing home sales price rose 1.6% year over year in August.
From cnn.com
Why it matters
Buyers are pulling back due to factors including surging mortgage rates, which have approached 7%. This increase in rates drives up monthly payments and may pose a barrier to demand, despite the current boost in inventory.
From cnn.com
Who's involved
- National Association of RealtorsAmerican real estate agent organization that tracks national housing market trends
- Lawrence YunChief Economist for the National Association of Realtors
Keep exploring
The entities involved
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New Mexico
state of the United States of America
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National Association of Realtors
American real estate agent organization based in Chicago