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US housing slumpABC News
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76% Informative
Sales of previously occupied U.S. homes fell in the March-June period from a year earlier in 2022 and 2023 .
The average rate on a 30-year mortgage is at 6.95% , according to mortgage buyer Freddie Mac .
The number of homes on the market at the end of May was the most since August 2022 .
The supply of homes for sale nationally remains below its pre-pandemic levels.
Some economists worry that a slight decline in mortgage rates without a jump in the inventory of homes on the market could actually work against buyers struggling to afford a home by giving sellers an incentive to boost their asking price.
“It makes me a bit concerned for what will happen with home prices when rates do drop,” said Daryl Fairweather , chief economist at Redfin .
VR Score
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