The summer housing market is experiencing a slowdown due to buyer pessimism regarding the economy and job prospects. Rising mortgage rates and economic concerns are contributing to this trend. Homes are taking longer to sell, while annual price growth remains steady. New listings have seen a slight increase, yet homeowner motivation to sell is fading amidst weak buyer demand. Overall inventory has risen by 25.1% year over year, although affordability issues lead to price reductions in homes, with many buyers still unable to enter the market due to unchanged mortgage rates or home prices.
Annual price growth remains steady as homes take longer to sell, reflecting buyer reluctance to enter the market. New listings have increased slightly, but homeowner motivation to sell is waning due to weakened buyer demand.
Overall inventory has risen by 25.1% year over year, marking the 88th consecutive week of gains, with over 1 million homes available for sale.
Affordability constraints persist despite increased inventory levels, leading sellers to reduce prices, with 1 in 5 homes now offering price cuts.
The market is shifting towards more buyer favorability, but without significant changes in mortgage rates or home prices, many buyers are still unable to make purchases.
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