Inflation may be cooling, but the housing market is still too hot for many buyers – Gist It

Inflation may be cooling, but the housing market is still too hot for many buyers

While inflation is starting to ease, the US housing market continues to heat up, making it difficult for many potential buyers to purchase a home.

The problem: Two key issues are driving the housing market crunch
* The country is estimated to be short by about 4 million houses, partially due to fewer homes being built after the Great Recession.
* About a third of recent buyers are paying more than the asking price for their homes due to the low inventory.
* Consequently, homeowners are unwilling to sell their houses for fear of ending up with higher mortgage rates on new homes.

Impact: Increased mortgage rates and fewer available homes have led to a drop in home sales.
* Sales declined by 3% since last month and are down by 18% from this time last year.
* Rental costs have also soared, rising by 26% since before the pandemic started in early 2020.
* Although the rate of increase for rental prices has slowed, they continue to grow.

Future predictions: Some economists and analysts believe inflation has peaked and home prices may begin to stabilize.
* Once the Federal Reserve stops raising rates, mortgage rates could also start to decline, according to Mark Hamrick, senior economic analyst at Bankrate.
* There has been a surge in the construction of new homes, indicating that potential buyers might start looking at newly built houses instead.

Ownership Vs. Renting: Buying a home currently costs more than renting on average.
* Homeownership also comes with additional costs such as maintenance, which many potential homeowners may not be prepared for.
* Despite these challenges, experts assert that individuals who find the right property should not wait for a lower price or better mortgage rate.

View original article on NPR

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