{"id":5371,"date":"2023-09-01T14:46:07","date_gmt":"2023-09-01T14:46:07","guid":{"rendered":"https:\/\/prosfunds.com\/news\/the-housing-shortage-is-getting-worse\/"},"modified":"2023-09-01T14:46:08","modified_gmt":"2023-09-01T14:46:08","slug":"the-housing-shortage-is-getting-worse","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=5371","title":{"rendered":"The housing shortage is getting worse"},"content":{"rendered":"<div><!----> <!----> <\/p>\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\"><\/div>\n<\/div>\n<\/div>\n<p>The number of homes for sale on the market fell for the fourth straight month in August amid the already severe housing shortage.<\/p>\n<p>A new report from Realtor.com shows that the total number of homes for sale, including homes that were under contract but not yet sold, tumbled by 9.2% in August compared with the same time a year ago.\u00a0<\/p>\n<p>On top of that, available home supply remains down a stunning 45% from the typical amount before the <u>COVID-19 pandemic<\/u> began in early 2020, according to the report.\u00a0<\/p>\n<p><strong><u>MORTGAGE CALCULATOR: SEE HOW MUCH HIGHER RATES COULD COST YOU<\/u><\/strong><\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><picture><source media=\"(max-width: 767px)\" ><source media=\"(min-width: 768px) and (max-width: 1023px)\" ><source media=\"(min-width: 1024px) and (max-width: 1279px)\" ><source media=\"(min-width: 1280px)\" ><\/source><\/source><\/source><\/source><\/picture><\/div>\n<\/p><\/div>\n<p>&#8220;Inventory remains persistently low, even with record-high mortgage rates putting a damper on demand,&#8221; said Danielle Hale, chief economist at Realtor.com. &#8220;The inventory crunch continues to put upward pressure on home prices, amplifying affordability concerns and shutting some potential buyers out of the market.&#8221;<\/p>\n<p>Still, there are some signs of improvement on the inventory front. The report indicated that total inventory has been rising on a monthly basis and is up 19% since January.\u00a0<\/p>\n<p><strong><u>HOME PRICES COULD SURGE OVER THE NEXT YEAR AS AFFORDABILITY CRISIS WORSENS<\/u><\/strong><\/p>\n<p>&#8220;While inventory continues to be in short supply, August witnessed an unusual uptick in newly listed homes compared to July, hopefully signaling a return in seller activity heading toward autumn, which typically is the best time to buy a home,&#8221; Hale said in the report.<\/p>\n<p>Even though mortgage rates are nearly double what they were three years ago, home prices have hardly budged. That is largely due to a <u>lack of available homes<\/u> for sale. 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.<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><picture><source media=\"(max-width: 767px)\" ><source media=\"(min-width: 768px) and (max-width: 1023px)\" ><source media=\"(min-width: 1024px) and (max-width: 1279px)\" ><source media=\"(min-width: 1280px)\" ><img decoding=\"async\" src=\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/09\/housing-6.jpg\" alt=\"US housing\"><\/source><\/source><\/source><\/source><\/picture><\/div>\n<\/p><\/div>\n<p>The national median list price fell slightly to $435,000 in August from $440,000 the previous month, but that remains up 0.7% compared with the same time last year.\u00a0<\/p>\n<p>&#8220;Listing prices have been buoyed by scarce inventory and while new home sales have been increasing, construction activity isn\u2019t elevated enough to fully bridge the low inventory gap,&#8221; the Realtor.com report said.<\/p>\n<p>The <u>Federal Reserve&#8217;s<\/u> aggressive interest-rate hike campaign sent mortgage rates soaring above 7% for the first time in nearly two decades last year. Rates have been slow to retreat, but home prices have remained stubbornly high as buyers deal with limited inventory.\u00a0<\/p>\n<p><strong><u>\u00a0<\/u><\/strong><\/p>\n<p>Rates on the popular 30-year fixed mortgage are currently hovering around a two-decade high at 7.18%, Freddie Mac reported this week, well above the 5.66% rate recorded one year ago and the pre-pandemic average of 3.9%.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.foxbusiness.com\/economy\/housing-shortage-is-getting-worse\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The number of homes for sale on the market fell for the fourth straight month in August amid the already severe housing shortage. A new report from Realtor.com shows that the total number of homes for sale, including homes that were under contract but not yet sold, tumbled by 9.2% in August compared with the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5372,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[38],"tags":[],"class_list":{"0":"post-5371","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The housing shortage is getting worse | Prosfunds<\/title>\n<meta name=\"description\" content=\"The number of homes for sale on the market fell for the fourth straight month in August amid the already severe housing shortage. 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