The U.S. housing market has become unaffordable for many aspiring homeowners, priced out by either high home prices or high mortgage rates. With mortgage rates at a 23-year high and home prices not falling substantially, affordability hit a 38-year low in September.
Yet with this backdrop, “all hope is not lost for people who want to buy a home soon,” Redfin
said in a recent report. The real-estate brokerage said two key elements of the housing market could offer an opportunity — rising inventory and volatility in mortgage rates. New listings rose 2% since the start of September, the company said, offering a glimmer of hope that more homeowners are putting their properties on the market, Redfin said. Even though the uptick is small, it’s still a positive sign, Chen Zhao, economic research lead at Redfin, told MarketWatch. “Inventory is certainly not getting worse and there are some signs that maybe it could even get a little bit better,” she said. “And over time, people get more used to these high rates.”
“‘Inventory is certainly not getting worse and there are some signs that maybe it could even get a little bit better. And over time, people get more used to these high rates.’”
— Chen Zhao, economic research lead at Redfin
Even a “slow tr …