- The U.S. housing market has become unaffordable for many aspiring homeowners, priced out by either high home prices or high mortgage rates.
- With mortgage rates at a 23-year high and home prices not falling substantially, affordability hit a 38-year low in September.
- New listings rose 2% since the start of September, Redfin reported, offering a glimmer of hope that more homeowners are putting their properties on the market.
- Even though the uptick is small, it’s still a positive sign, Chen Zhao, economic research lead at Redfin, told MarketWatch. “Inventory is certainly not getting worse and there are some signs that maybe it could even get a little bit better,” she said. “And over time, people get more used to these high rates.”
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It Gets Worse: Mortgage Rates Hit 23-Year High
MIAMI, FLORIDA - JANUARY 30: A House For Sale sign is seen outside of a home on January 30, 2019 in Miami, Florida. The pending home sales index dropped 2.2 percent to 99.0, down from 101.2 in November, the weakest reading since April 2014 according to the National Association of Realtors. (Photo by Joe Raedle/Getty Images)
