Map Reveals Where Home Sellers Outnumber Buyers by Record Margin
Summary
More home sellers than buyers are active in the U.S. housing market, with sellers outnumbering buyers by 63 percent. This shift is due to higher mortgage rates and economic concerns, causing fewer people to buy homes while more people try to sell.Key Facts
- The number of buyers dropped to its lowest since 2013, with about 928,892 buyers last month.
- Sellers reached their highest level since March 2020, with over 1.5 million homes for sale in September.
- The gap between sellers and buyers grew by nearly 6 percent from August to September.
- Mortgage rates have increased, with the average 30-year fixed-rate mortgage rising to 7.4 percent by early October.
- Higher mortgage rates and inflation, including rising gas prices, are discouraging buyers.
- Most large metropolitan areas (41 of 50) in the U.S. are now “buyer’s markets,” where sellers outnumber buyers by more than 10 percent.
- Buyers who can afford to buy now have more negotiating power and can be selective.
- Miami had the largest difference, with buyers outnumbering sellers by 158.9 percent last month.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
