{"id":4493,"date":"2023-08-21T21:18:46","date_gmt":"2023-08-21T21:18:46","guid":{"rendered":"https:\/\/frankbuysphilly.com\/housing-inventory-is-at-its-highest-point-all-year\/"},"modified":"2023-08-21T21:18:46","modified_gmt":"2023-08-21T21:18:46","slug":"housing-inventory-is-at-its-highest-point-all-year","status":"publish","type":"post","link":"https:\/\/frankbuysphilly.com\/housing-inventory-is-at-its-highest-point-all-year\/","title":{"rendered":"Housing inventory is at its highest point all year"},"content":{"rendered":"
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Mortgage rates only kept climbing in the last week. Buyers in this real estate market<\/a> notice these affordability changes, and so we can see in the data fewer home purchase offers, slightly climbing unsold inventory, and slightly more price reductions for the homes that are on the market. This is the same pattern as we talked about last week. The first half of the year had surprisingly resilient sales, but that is slowing again. Mortgage rates<\/a> are at their highest level in 20 years because the economy just keeps reporting strong data. And every uptick in mortgage rates leads to a downtick in the number of home buyers in the market. <\/p>\n Rising rates make more inventory. So how much inventory will we add this fall? Well as of now, these slowing signals<\/a> are subtle. This housing market is much different from last year at this time. Last year, rates climbed dramatically and so did inventory. Now rates are inching up, and so is inventory. If mortgage rates jump to say 8%, that\u2019s when we\u2019d see big changes in inventory and home prices. Keep watching these numbers here. <\/p>\n Inventory of unsold homes on the market is ticking up. It now doesn\u2019t look like next week will be the peak of inventory for the season. It looks like inventory will keep climbing into September. There are now 495,000 single-family homes unsold active on the market. Inventory rose by just under 1% again this week. <\/p>\nInventory<\/h2>\n