Housing Market
All Reports
June 22, 2023
Near-7% mortgage rates are preventing both would-be homebuyers and would-be sellers from entering the market. But even though the spring buying season ended with a whimper, homebuilders are ending spring with a bang: Construction of new single-family homes is near its highest level in almost two decades, providing some hope for an uptick in inventory […]
June 21, 2023
The pool of homes for sale is shrinking because homeowners feel trapped by rising mortgage rates, with new listings down 25% to the third lowest level on record. A shortage of homes for sale is fueling bidding wars in some areas despite sluggish homebuyer demand; 37% of homes that sold in May went for more […]
June 15, 2023
Inventory has posted its biggest decline in over a year, with homeowners hanging onto their comparatively low mortgage rates. That trend will probably persist, as the Fed’s announcement that it may hike interest rates a few more times is likely to keep mortgage rates elevated. Low supply is stifling sales, but many buyers are still […]
June 14, 2023
Roughly 4 in 5 homeowners with mortgages have an interest rate below 5%, and nearly one-quarter have a rate below 3%. With rates now close to 7%, many homeowners aren’t moving, which is intensifying a shortage of homes for sale. Rates would need to fall quite a bit to motivate homeowners to put their home […]
June 9, 2023
Nationwide, rents declined 1% from a year earlier in May—the largest drop since 2020— as a building boom increased supply and economic uncertainty cooled demand. The median U.S. asking rent fell 0.6% year over year to $1,995 in May—the largest annual decline since March 2020, when the coronavirus was declared a pandemic. That compares with […]
