At the beginning of the year, housing experts and homebuyers looked forward to better buying conditions — interest rates were poised to drop, a shift expected to free up inventory and cool surging home prices.Nearly halfway through 2024, the highly anticipated interest rate cuts have yet to happen, home prices are still growing, and affordability remains a challenge.
"There's more people in the rental market because they can't afford to save for a down payment, and they can't afford to save for a down payment because rent is high," Lautz said, adding that this resembles a “feedback” loop — one where inflationary pressure keeps rates high, which elevates home costs, which in turn squeezes renters.
Doug Duncan, Fannie Mae's chief economist, agreed. Even with high mortgage rates, the inventory shortage is “causing the problem in price,” he said.. By comparison, the average inventory between 1982 and 2024 was 2.23 million units. March's home-for-sale listings equaled only 3.2 months’ supply. A balanced housing market has around 6 months of supply.that homebuyers are keenly experiencing a price crunch — nearly 30% of homes sold above the listing price in March.
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