Posted 11/9/2023, 1:30:00 PM
US Home Inventory Drops Again; High Rates Deter Buyers But Prices Stay High
- US housing inventory dropped 4% in October compared to 2021, remaining 41.8% below pre-pandemic levels
- Record-high mortgage rates deterring many would-be buyers, but some still moving quickly before rates increase further
- Total inventory rose 5.1% in October vs previous month, though typically declines this time of year
- Median listing prices mostly unchanged, but higher rates increased monthly financing costs by 7.4%
- To purchase median-priced home, income now needs to be $120,000, up $6,600, due to limited inventory keeping prices high