What’s Going On in the Housing Market Right Now?
You’re probably wondering what the latest housing market news means for your homebuying plans this fall. Here are the three top things to remember.
1. There Aren’t Many Homes Available for Sale Right Now Housing inventory is measured by the number of available homes on the market. It’s also measured by months’ supply, meaning the number of months it would take to sell all those available homes based on current demand. In a balanced market, there’s usually about a six-month supply – but today, we only have about half of that. With inventory that low, buyer competition is up, and that means many homes often receive multiple offers. Working with a professional can help you be more competitive in this kind of market. 2. Mortgage Rates Near 6% or 7% Are the New Normal Mortgage rates more than doubled in the 2022 calendar year. That’s never happened before, and the rapid rise caused some buyers to delay their plans. But since last October, rates have settled a bit in roughly the 6% to 7% range. It's time to understand rates around 6% or 7% are the new normal. The rates we experienced a few years ago, like 3%, are now a thing of the past.
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