Written by Breck Hapner
Editor’s note: Welcome to the Haven U.S. State of the Housing Market series. Every month, we will share an update explaining details and projections related to the U.S. real estate sector to keep you informed.
Currently, the U.S. housing market is experiencing significant consternation and uncertainty. Surging mortgage rates have led homeowners to hold onto their properties, resulting in tight inventory and high prices.
There are 550,000 fewer houses for sale nationwide this September compared to the September average in 2017 through 2019, marking a 45 percent decrease. Every market is exhibiting the same symptoms: huge demand squashed by minuscule inventory and massive unaffordability issues.
In our October recap, Haven will take a further look at the numbers: how the current U.S. housing market is reacting to prevailing economic factors influencing real estate.