“A lack of competition from other buyers is offering opportunities to those still in the market, as many listings are lingering after the summer shopping season.” Read on to learn all about the current state of the U.S. housing market.topped $400,000 three times this year — in June, July and August — coming within just a few thousand dollars of its highest median ever on record . September was the year’s third consecutive month of year-over-yearthat has been tough to dent.
—The pace of new construction has not yet been able to meaningfully ease the shortage. Both new building permits and housing starts, a metric that measures the beginning of construction on a new residential home, saw year-over-year declines of more than 7% in September, according toin mid-October for the first time in 23 years. Just two years ago, in October 2021, rates were below 3.5%. This challenge alone puts buying a home out of reach for many Americans for the time being.
On the whole, sellers still have the upper hand — but as illustrated above, that could range wildly from one geographic location to another. “Depending on the market, location and price point, sellers could find either multiple offers or the need to be flexible on price,” says Hamrick. And buyers who are willing to brave the market should stay on their toes. “Buyers should be aware that attractive listings still sell quickly,” says Tucker.is a big decision that depends a lot on your personal circumstances. Yes, mortgage rates are currently high, but days-on-market figures are up too, giving you more time to make an informed decision. And there’s no guarantee things will improve if you hold off.
If you’re ready to buy, remember that you don’t have to go for your dream home right away. Look for what you can afford now. “Prospective buyers might need to dial down their aspirations for what they’re willing to buy,” says Hamrick. If you have a strong credit score and enough saved up for a down payment, buying now will allow you to start building equity immediately — you can always refinance if rates go down later.Low inventory levels mean sellers have the upper hand in most of the U.S.