The sale of previously owned homes slumped again in July as high mortgage rates and worsening supply shortage left would-be buyers with limited options.
Serhant Associate Broker Nile Lundgren weighs in on the middle-class getting priced out of home ownership.continued to slide in July as a combination of steep mortgage rates and a worsening supply shortage squeezed would-be homebuyers.
"Two factors are driving current sales activity – inventory availability and mortgage rates," said Lawrence Yun, chief economist at NAR. "Unfortunately, both have been unfavorable to buyers." "Most homeowners continue to enjoy large wealth gains from recent years with little concern about home price declines," Yun said. "However, many renters are concerned as they’re facing growing affordability challenges because of high interest rates."
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