The U.S. supply of homes for sale grew at a record pace in July, new data showed, triggering higher mortgage costs. The latest sign of the housing market.
According toreal estateAccording to a report released on the 9th by the website Realtor.com, the number of homes for sale in the United States jumped 31% in July compared to the same period last year, marking a record increase for the third month in a row.
The US Federal Reserve continues to raise interest rates to curb high inflationEpidemicThe boom in the housing market has poured cold water on it. The rise in mortgage costs in the United States this year has put many potential buyers off. The decline in demand has led to an increase in housing inventories, and sellers are pushing prices down to sell homes.
Hale, an economist at Realtor.com, said that as the list of homes for sale in the US grows, buyers will have a greater share in the conversation.
However, US housing inventories have not yet reached pre-pandemic levels, so despite increased options, buyers are still bidding for homes overall.house price, The national median home value rose 17 percent to $449,000 in July, reaching a record high in June.
New listings of homes for sale fell 2.8% last month from a year ago, the first drop since March, which means some homeowners are rethinking their original plans to sell as the housing market cools.
Real estate markets across the US were booming in the early days of the COVID-19 pandemic, according to real estate broker Redfin, with US home prices rising nearly 44 percent over the past two years. But prices have slowed lately, and many homeowners have been forced to confront the fact that they may no longer be able to sell for the same price as their neighbors.
According to data from Realtor.com, in June, nearly 1 in 7 homes in the United States were offered for sale at a reduced price, compared to 1 in 13 homes offered for the same period last year. .
Overall, the housing market remains solid, with sellers slashing prices, but rates are still very low between 2017 and 2019, when one out of every four or five homes sold for a lower price. However, the housing boom has begun to show signs of cooling as mortgage rates have risen and housing remains in the market for longer.
According to the National Association of Realtors (NAR), homes that have been on the market for three months or more are being offered at prices about 11% below the market value.
Dixon, a real estate agent in New York, said several sellers are working with him, and if he had advertised earlier this year, his condos would have sold out within days.
Some sellers are now considering lowering the price, while others are considering taking down their home listings until the fall. There are also sellers who have decided not to sell at all, instead jumping on the boom in the rental housing market.