What's Happening to America's Unsold Homes
Summary
The U.S. housing market saw more homes listed for sale this summer, with high prices and mortgage rates keeping many buyers away. Despite more options on the market, most of these homes did not sell, and sellers had to reduce prices. Some sellers turned their unsold homes into rental properties or removed them from the market.Key Facts
- The number of active home listings increased by 4.9% this summer compared to last year, reaching 3.06 million.
- About two-thirds of these homes are still for sale, and many had their prices cut.
- Only 27.6% of the listed homes sold this summer, often at prices lower than the original asking price.
- The housing market has faced a shortage of homes since the 2008-2009 recession, worsened by high demand during the pandemic.
- High mortgage rates around 6.8% to 6.5% have made homes less affordable, reducing buyer interest.
- Some sellers have turned their unsold homes into rental units, with renting now being cheaper than buying in most major U.S. cities.
- Many sellers have not changed their home prices or taken them off the market, leaving over 1.96 million homes unsold.
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