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Home listings hit record high as people struggle to sell

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Almost $700 billion worth of homes is on sale in the U.S. as inventory is rising at last but affordability is yet to improve.
The U.S. housing market is experiencing a significant imbalance, with the number of homes listed for sale reaching a record high of 618,000 in May, marking a 35.1 percent increase from the previous year, according to data from Realtor.com. Despite this surge in listings, the time homes are spending on the market before selling has also increased, with the average time now at 43 days, up from 32 days last year. This slowdown in sales is attributed to high mortgage rates, currently at 7.22 percent for a 30-year fixed mortgage, which are deterring potential buyers and causing a mismatch between the supply of homes and demand. The situation is particularly challenging for sellers in the lower price tiers, where the inventory has grown the most, exacerbating the difficulties in selling homes quickly.

Read the Full Newsweek Article at:
[ https://www.newsweek.com/home-listings-hit-record-high-people-struggle-sell-2080123 ]