The housing market is facing a number of obstacles that are leading to a drop in existing-home sales. Homebuyers are being confronted with high mortgage rates, high home prices, and low inventory. This situation has been prevalent since the beginning of the year and has caused an overall decline in the number of home sales.
The high mortgage rates have been disastrous for buyers, as they are often unable to afford a home that fits their budget. In addition, many current homeowners are reluctant to put their houses on the market because of the low inventory. This has resulted in fewer houses being available for sale at more costly prices.
To summarize, the following elements are negatively impacting the existing-home sales sector:
-High Mortgage Rates: making homes unaffordable for buyers
-High Home Prices: Current homeowners hesitant to put their houses on the market in light of low inventory
-Low Inventory: Fewer houses available for sale at more costly prices
You can read this full article at: https://www.housingwire.com/articles/existing-home-sales-moved-lower-in-august-nar/(subscription required)
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