US Housing Market: Tight Inventory and High Prices Persist Despite Mortgage Rates.
The US housing market is historically unaffordable with the median home price at $419,103, 44% higher than before the pandemic, and 39% fewer homes for sale. The market faces an inventory shortfall of about 3.8 million units of housing, and high mortgage rates are keeping current homeowners from moving. New home buyers are facing the least affordable market ever, making it a daunting proposition to buy a first home or move to another home.