Tag Archives: Inventory

As home prices and mortgage rates fall from their peak, the typical homebuyers’ monthly housing payment declined nearly $300 from October, according to a new report from Redfin.

A combination of declining home values and lower mortgage rates brought down average mortgage payments by $100.

The market, which hit new highs over the last year, tanked affordability in many areas. However, those sidelined by prices still view homeownership as a top priority.

"Based on our findings, the shift to a more balanced market is still in its early stages. We expect that this much-needed reset will persist through much of 2023, and although prices will again begin to rebound they likely won't return to their peaks for the foreseeable future," said Sean Black, Knock Co-Founder and CEO.

The latest market report from Fannie Mae revealed a possible economic slowdown in coming months, which would reduce housing demand even further. Meanwhile experts predict prices and rents may stabilize or even fall in some markets within the new year.

Median sales price now sits below the highs recorded during June, while inventory hit a recent record high. Click through to find out what else RE/MAX’s National Housing Report found.

Although the market frenzy has begun to slow, inflation and economic uncertainty are still prompting many Americans to hold off on significant financial decisions such as moving or buying a home, with rents rising nearly 10% year-over-year in September.

Despite the struggles faced by the overall housing market, luxury second home mortgage rate locks remained 152% above their pre-pandemic level in Q3 of 2019, with remote workers continuing to lead the charge.

HouseCanary's latest Market Pulse report shows decreasing demand has resulted in a sharp drop in new listing volume, resulting in an estimated 19% decrease nationwide compared to September 2021.

Industry experts took to Capitol Hill to discuss the state of the housing market and share their insights about how to create equitable housing opportunities for all, nationwide.