There has never been a worse time to sell a home, survey says
Home sales have dropped due to increasing mortgage rates. The number of homebuyers has reached its lowest level in at least 13 years, creating a buyer's market. Little Rock remains a rare exception to the trend. This shift has increased purchasing power, but the slowdown is widespread across the housing market.
What changed
No new developments on the housing market trend itself, but additional context on economic uncertainty and workforce changes.
Live updates
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Home sales drop as mortgage rates deter buyers
Home sales have dropped due to increasing mortgage rates. The number of homebuyers has reached its lowest level in at least 13 years, creating a buyer's market. Little Rock remains a rare exception to the trend. This shift has increased purchasing power, but the slowdown is widespread across the housing market.
Why it matters
The housing market is experiencing a significant slowdown. Rising mortgage rates are deterring potential buyers, leading to a drop in home sales. This trend is widespread, but some areas like Little Rock are bucking the trend. The market shift is creating opportunities for buyers.
What is confirmed
- Home sales have dropped as increasing mortgage rates deter potential buyers.
- The number of homebuyers has reached its lowest level in at least 13 years.
- Little Rock remains a rare exception to the trend.
- There is a lot of uncertainty around the world and at home.
Still unconfirmed
- Some people are finding new ways to earn a living, such as selling clothes on social media.
- Many people in their 50s and 60s are re-entering the workforce after retiring.
What to watch next
- Changes in mortgage rates
- Housing market developments in Little Rock
- Economic indicators
confidence 80%Sources used for this update (5)
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Home sales decline as mortgage rates rise
Home sales have dropped as increasing mortgage rates deter potential buyers. Redfin reports that the number of homebuyers has reached its lowest level in at least 13 years. This shift has created a buyer's market where purchasing power has increased. While the slowdown is widespread across the housing market, Little Rock remains a rare exception to the trend.
Why it matters
High borrowing costs typically reduce the pool of eligible buyers, leading to longer listing times and lower sale prices. This shift in leverage from sellers to buyers marks a reversal of previous market trends.
What to watch next
- Updated homebuyer volume data from Redfin
- Changes in mortgage rate trends
- Market performance data for Little Rock
confidence 100%Sources used for this update (5)
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US housing market slows sharply as home sales dip and mortgage rates rise
Home sales have slipped, with rising mortgage rates discouraging buyers. The current housing market is characterized as a buyer's market, with the power shifting in their favor. This trend is evident in the lowest level of homebuyers in at least 13 years, according to Redfin. The housing market slowdown is widespread, with Little Rock being a rare bright spot.
Why it matters
The US housing market is experiencing a significant slowdown, with home sales declining and mortgage rates increasing. This shift in the market is putting pressure on sellers, with surveys indicating it's the worst time to sell a home in recent history. The slowdown has implications for the broader economy, with potential parallels to the 2008 meltdown being flagged by economists.
What is confirmed
- Home sales slipped again in July as rising mortgage rates discouraged buyers
- The number of homebuyers has hit the lowest level in at least 13 years
- The current housing market is characterized as a buyer's market
- Little Rock housing market is a bright spot as national home sales slow
Still unconfirmed
- An economist flags a worrying sign of 'cracking' home prices with parallels to the 2008 meltdown
What to watch next
- Upcoming economic statistics releases
- Changes in mortgage rates
- Housing market trends in major cities
confidence 85%Sources used for this update (10)
- Yahoo Finance — Home sales slipped again in July as rising mortgage rates discouraged buyers
- thestreet.com — Zillow predicts major mortgage rate, housing market change
- Business Insider — An economist flags a worrying sign of 'cracking' home prices with parallels to the 2008 meltdown
- New York Post — The worst time to sell a home is right now, dire figures show
- NewsNation — Number of homebuyers hits lowest level in at least 13 years: Redfin
- The Arkansas Democrat-Gazette — Little Rock housing market called bright spot as national home sales slow
- NJ.com — There has never been a worse time to sell a home, survey says
- The Independent — Shocking shift in US housing market puts power in hands of buyers
- The Business Journals — It's a buyer's market for housing, but no one's buying — with one exception
- Bloomberg.com — Economic Statistics Are Stuck in Neutral, But for How Long?