- The US housing market is historically unaffordable, and home sales and inventory remain low.
- National Association of Realtors data shows existing-home sales are down 16.6% from last July.
- At the same time, total housing inventory is 14.6% lower compared to a year ago.
Americans are facing a historically unaffordable housing market thanks in part to the Fed’s high interest rates and a decade of under-supply of homes across the US.
Home prices have remained stubbornly high even with mortgage rates hovering near a two-decade peak, and confusing supply and demand dynamics have left economists split on the outlook for next year and beyond.
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