{"id":15129,"date":"2023-07-05T05:23:50","date_gmt":"2023-07-05T10:23:50","guid":{"rendered":"https:\/\/ustower.net\/?p=15129"},"modified":"2023-07-05T05:23:53","modified_gmt":"2023-07-05T10:23:53","slug":"us-housing-market-defying-crash-expectations-as-supply-shortage-keeps-prices-high","status":"publish","type":"post","link":"https:\/\/ustower.net\/?p=15129","title":{"rendered":"US housing market defying crash expectations as supply shortage keeps prices high"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Although the&nbsp;<a href=\"https:\/\/foxbusiness.com\/category\/the-fed\"><u>Federal Reserve&#8217;s<\/u><\/a>&nbsp;15-month-long interest-rate hike campaign sent mortgage rates soaring above 7% for the first time in nearly two decades, home prices have hardly budged. That is at least in part due to a lack of available homes for sale.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sellers who locked in a low mortgage rate before the pandemic began have been reluctant to sell, leaving few options for eager would-be buyers.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A recent report from Realtor.com showed that the number of available homes on the market in June was down more than 47% from the typical amount before the&nbsp;<a href=\"https:\/\/foxbusiness.com\/category\/coronavirus\"><u>COVID-19 pandemic<\/u><\/a>&nbsp;began in early 2020.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;Housing prices continue to show stronger growth than what was previously expected given the suddenness and significant magnitude of mortgage rate increases,&#8221; said Fannie Mae chief economist Doug Duncan. &#8220;Housing&#8217;s performance is a testimony to the strength of demographic-related demand in the face of Baby Boomers aging in place and Gen-Xers locking in historically low rates, both of which have helped keep housing supply at historically low levels.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/foxbusiness.com\/personal-finance\/mortgage-rates-are-rising-calculate-how-much-higher-rates-could-cost-you\"><strong><u><strong>MORTGAGE CALCULATOR: SEE HOW MUCH HIGHER RATES COULD COST YOU<\/strong><\/u><\/strong><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With limited availability, more buyers are turning to new houses instead of existing ones.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;Homebuilders continue to add to that supply, but years of meager homebuilding over the past business cycle means the imbalance will likely continue for some time,&#8221; Duncan said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The interest-rate-sensitive housing market has cooled rapidly in the wake of the&nbsp;<a href=\"https:\/\/foxbusiness.com\/category\/the-fed\"><u>Federal Reserve&#8217;s<\/u><\/a>&nbsp;aggressive interest-rate hike campaign. Policymakers already lifted the benchmark federal funds rate 10 consecutive times as they try to crush stubborn inflation and cool the economy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/foxbusiness.onelink.me\/Zkcx?pid=AppArticleLink&amp;af_dp=foxbusinesssaf:\/\/&amp;af_web_dp=https:\/\/www.foxbusiness.com\/apps-products\"><strong><u><strong>GET FOX BUSINESS ON THE GO BY CLICKING HERE\u2002<\/strong><\/u><\/strong><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, the return to lower mortgage rates has not been smooth. Rates on the popular 30-year fixed mortgage are currently hovering around 6.71%, well above the 5.7% rate recorded one year ago and the pre-pandemic average of 3.9%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.foxbusiness.com\/economy\/us-housing-market-defying-crash-expectations-supply-shortage-keeps-prices-high\">Foxbusiness<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although the&nbsp;Federal Reserve&#8217;s&nbsp;15-month-long interest-rate hike campaign sent mortgage rates soaring above 7% for the first time in nearly two decades, home prices have hardly budged. That is at least in part due to a lack of available homes for sale. Sellers who locked in a low mortgage rate before the pandemic began have been reluctant [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":15130,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1155,1154],"tags":[1259,6713,1252,8905,3787,9515],"class_list":["post-15129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-trending","tag-fed","tag-hikes","tag-inflation","tag-interest-rates","tag-mortgages","tag-real-estate-market"],"_links":{"self":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/15129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15129"}],"version-history":[{"count":1,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/15129\/revisions"}],"predecessor-version":[{"id":15131,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/15129\/revisions\/15131"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/media\/15130"}],"wp:attachment":[{"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}