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Current Housing Market in USA

 Current Housing Market in USA


The US housing market is currently in a state of flux. Home prices are still rising, but at a slower pace than in previous years. Home sales are also down, but inventory is starting to increase. Mortgage rates have also been rising, making it more expensive to buy a home.

Home prices

The median home price in the US is currently $420,846, according to Redfin. This is up 3.0% from last year, but down from the peak of 6.3% in June 2022. Home prices are still rising in some areas, but they are falling in others. For example, home prices in the San Francisco Bay Area have fallen by 10% in the past year.

Home sales

Home sales fell by 14.5% in August 2023 compared to last year, according to Redfin. This is the seventh consecutive month of decline in home sales. The decline in home sales is due to a number of factors, including rising home prices, rising mortgage rates, and low inventory.

Inventory

The number of homes for sale in the US increased by 18.6% in August 2023 compared to last year, according to Redfin. This is the first time in over a year that inventory has increased. The increase in inventory is a good sign for buyers, as it means that there are more homes to choose from and less competition.

Mortgage rates

The average 30-year fixed mortgage rate is currently 7.1%, according to Freddie Mac. This is up from 3.0% at the beginning of the year. Rising mortgage rates are making it more expensive to buy a home and are a major factor in the decline in home sales.

Affordability

The median monthly mortgage payment for a home buyer is now $1,925, according to the National Association of Realtors. This is up from $1,525 at the beginning of the year. Rising mortgage rates are making housing less affordable for many buyers.

What does the future hold for the US housing market?

The future of the US housing market is uncertain. Home prices are likely to continue to rise, but at a slower pace. Home sales are also likely to remain low until mortgage rates come down. Inventory is expected to continue to increase, which is good news for buyers.

Advice for buyers and sellers

If you are thinking about buying a home, it is important to be prepared. Get pre-approved for a mortgage before you start shopping for a home. This will give you an idea of how much you can afford to spend and will make you a more competitive buyer.

If you are thinking about selling your home, it is important to price it competitively. The housing market is cooling, so buyers are more likely to negotiate on price. It is also important to make your home look its best. This will help it sell quickly and for the best possible price.

Sources:

  • Redfin: https://www.redfin.com/us-housing-market
  • National Association of Realtors: https://www.nar.realtor/
  • Freddie Mac: https://www.freddiemac.com/

Keywords: housing market, USA, US housing market, housing prices, home sales, inventory, mortgage rates, affordability

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