Last week saw an 11.2% increase in newly listed homes, reflecting homeowner motivation even as home sales slow due to economic hurdles. The overall inventory surpassed one million for the first time since late 2019. Despite this growth, concerns remain about ongoing shortages in certain regions, particularly the Midwest and Northeast. Moreover, the recent Consumer Price Index data shows a slowdown in inflation, yet economic uncertainty persists. The Federal Reserve's strategy keeps mortgage rates high, complicating prospects for potential homebuyers looking to enter the market.
With more fresh inventory hitting the market, buyers have better opportunities to find a home that fits their needs-even amid ongoing economic challenges.
It is too early to celebrate, because although the increase in inventory provides would-be buyers with more choices, persistent housing shortages... continue to keep the national home stock well below pre-pandemic levels.
While annual inflation slow to its lowest level in 50 months is good news, broader economic uncertainty is not going away any time soon.
The Federal Reserve's decision to hold key interest steady... is expected to keep mortgage rates hovering at a high 6% range for the foreseeable future.
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