All articles tagged with #inventory
U.S. home sellers are cutting prices at the fastest pace since 2018 to attract buyers sidelined by mortgage rates exceeding 7%. While national price-cut rates hit 20.8%, regional disparities are stark, with the West and specific metros like Tampa Bay seeing steeper declines than the Northeast.
The national average 30-year fixed mortgage rose to 7.2% this week, the highest in about 18 months, while U.S. home prices stay near record highs (around $429,100). Inventory has improved to roughly 1.62 million homes for sale, about 4.9 months of supply—the highest in over a decade—giving buyers more negotiating power, yet pending sales are down about 4.7% year over year. Analysts and Realtors say higher rates and inflation are prompting many buyers to pause, with the psychological and financial strain reflected in stories like that of a prospective buyer who fears mortgage payments, and a trend of younger adults moving back in with parents as the typical first-time buyer age climbs toward 40.
August existing-home sales slowed to a 3.98 million pace—the weakest in 14 months—while supply rose to about 1.62 million homes, the highest since 2019, as the 30-year mortgage rate nears 7%; economists say demand remains weak despite more listings, giving buyers greater leverage, with the median August price at $429,100 (an August high).
U.S. existing-home sales fell 2% in August to a 3.98 million annual pace—the slowest in more than a year—while the median price rose to $429,100, the August record. Mortgage rates are near 6.8% with potential to rise toward 7%, helping dampen demand even as supply climbs to a 4.9‑month inventory, the highest in more than a decade. First-time buyers accounted for about 30% of sales; regional declines accompanied continued price gains, especially in the Northeast. Year-to-date sales are roughly up 1.6% from the same period last year.
Sales of existing homes in the US fell to their slowest pace in more than a year, pressured by higher mortgage costs and a long-standing shortage of homes for sale; August inventory rose to about a 4.9-month supply (the highest in more than a decade), with regional declines in the Northeast, Midwest and South and a flat market in the West. Prices climbed in the Northeast, while affordability remains a major hurdle for buyers; first-time buyers accounted for about 30% of purchases, below historical levels.
Existing-home sales fell 2% in August to a 3.98 million annualized pace, the slowest since mid-2025, as mortgage rates stay high; the median price rose 1.6% year over year to a record $429,100, with inventory at 1.62 million and 4.9 months’ supply—the highest in more than a decade. Prices rose most in the Northeast where inventory is tighter, while the West saw a year-over-year price decline. Higher-end homes led demand (sales above $1 million up 3.9% YoY) while lower-priced segments slipped; homes averaged about 31 days on the market, cash buyers were 27%, first-time buyers 30%, and investors 15% of August sales.
Amid high mortgage rates and rising listings, August saw steeper price-per-square-foot declines in major metros, led by Austin (-8.1%), Tampa (-5.6%), and Memphis (-4.1%), with San Francisco also softening despite its high prices; nationwide price-per-square-foot is down about 1.8% year over year. The shifts reflect pandemic-era booms cooling, tech-sector softness affecting demand, and buyers gaining leverage as inventory grows—though the outlook depends on fall mortgage-rate moves.
As mortgage rates stay high and inventory rises, U.S. home prices per square foot fell 1.8% year over year in August, with the steepest declines in former pandemic boomtowns like Austin (-8.1%), Tampa (-5.6%), and Memphis (-4.1%). Some metros such as Providence, Indianapolis, and Chicago posted gains, while regional median listing prices are down in the Northeast, South, and West and flat in the Midwest. San Francisco also saw a drop in price per square foot (-3.9%) amid high prices and tech-sector shifts. The market is rebalancing as sellers adjust prices to a larger, more available inventory, and the trajectory will depend on local economies and mortgage rates through the autumn buying season.
U.S. inventory of new single-family homes rose to 495,000 in July—the fourth straight month of gains—while the median price written into contracts fell to $393,800 (lowest since 2021) and the three‑month average price to $404,400. July sales dropped 5.7% year over year to 55,000, with most activity in the South and West. Builders have cut prices and offered incentives and rate buydowns, compressing margins and weighing on earnings. The market sits on roughly 9.6 months of supply, with large inventories in the South (301k) and West (103k); under-construction inventory fell 10% year over year to 262k, while completed-for-sale rose to 114k. Overall, builders are expanding supply even as demand remains softer.
July existing single-family home sales fell 1.9% to a 3.69 million annual pace, pushing the market deeper into a slump as inventory rose to 4.6 months—the highest since 2016—while condo supply reached a 14-year high. Mortgage rates sit around 6.69% amid persistent inflation, dampening demand even as the national median price rose 1.9% year over year to $440,300 and regional prices showed wide variation.
Pokopia’s major free update adds a shared storage unit (up to 140 items) accessible from anywhere, easing cross‑region inventory chaos, while the paid Bubbly Basin DLC brings a new region and Pokémon Wiglett/Mareanie; the underwater Dive ability arrives for all players on August 5.
Cash-strapped buyers are flocking to Erie, Pennsylvania—the Lake Erie city ranked No. 2 on Realtor.com’s June 2026 hottest markets—driven by a median listing price of $239,000, inventory down about 74% from 2019, and homes selling in 29 days. Its affordability plus proximity to Cleveland, Pittsburgh and Buffalo, plus a diversified economy anchored by Erie Insurance, are drawing buyers from outside the region, with experts warning prices may rise as mortgage rates fall.
US existing-home sales fell 2.4% in June to 4.09 million (SA), with inventory at 1.56 million (down 0.6% MoM, up 1.3% YoY) for about a 4.6‑month supply. The median price reached a record $440,600, up 1.8% YoY. All-cash buyers accounted for about 25% of sales (down from 29% a year ago), while first-time buyers were 33% of transactions. Activity remains strongest at the higher end, with regional declines elsewhere except the Northeast. Analysts say limited inventory and high mortgage rates keep prices elevated, even as job gains support demand.
CNBC’s Q2 Housing Market Survey shows more agents (44%) report a balanced market, up from 30% a year earlier, signaling buyers and sellers are regaining leverage amid higher supply and easing prices. Price cuts dropped (57% vs 89%), but prices remain about 1% higher YoY; June asking prices fell 2.5% YoY. Contract cancellations declined to 40%. Mortgage rates fluctuated, with the 30-year fixed peaking near 6.75% in May and hovering around 6.6% since, while inventory rose to about 1.1 million listings. Overall optimism wanes: 19% expect sales to improve, 67% expect them to stay the same, with significant local variation and a push toward hyper-local data.
GM posted about 715,000 US vehicle sales in Q2, down 4.2% from a year earlier, blaming discontinued models and a steep EV slump after the federal tax credit expiry; EVs fell sharply (Equinox EV, Blazer EV, Hummer EV, Lyriq), while gas‑powered trucks and SUVs carried the quarter (Sierra up 5% to ~95k, Silverado roughly flat, Traverse/Trailblazer/Canyon rising). GM maintains EV share around 13.5–14% and leadership in full‑size pickups/SUVs, aided by tight inventories and disciplined pricing, ending the period with about 511,000 vehicles in dealer stock (~55 days) and average transaction prices above $52,400.