Homebuyers Are Starting to Revolt Over Steep Prices Across US

The US housing market, which has long suffered from a lack of inventory, is now seeing an increase in listings. However, buyers are not showing up in many areas, as higher mortgage rates are dampening demand during the prime season for real estate.

Sellers are facing challenges as more of them are reducing asking prices due to growing inventory stagnation, as reported by Redfin Corp.

With mortgage rates surpassing 7%, homebuyers’ willingness to enter the market this season has decreased, according to Ralph McLaughlin, a senior economist at Realtor.com.

The absence of anticipated rate cuts by the Federal Reserve has led to a sobering reality for the housing market, according to Robert Frick, corporate economist for Navy Federal Credit Union, Bloomberg reported.

read more: https://finance.yahoo.com/news/homebuyers-starting-revolt-over-steep-143000917.html

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