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Homebuyers gain leverage as mortgage rates push above 7% this fall
Fox Business • • business
Key Points:
- Rising mortgage rates above 7% have shifted some market advantages toward homebuyers this fall, despite reducing their overall purchasing power.
- Realtor.com's third-quarter market clock shows the national housing market moving toward a late balanced market favoring buyers, with outright sellers' markets declining from 39 to 27 and buyer's markets increasing from 13 to 17 over the past year.
- Higher mortgage rates have slowed home sales and increased inventory, leading sellers to offer price cuts and concessions, though buyers still face diminished purchasing power due to rate hikes.
- Regional differences persist, with the Midwest remaining largely seller-favorable, the Northeast seeing fewer seller markets due to increased inventory, and the South and West experiencing more buyer-friendly conditions.
- Greenville, SC, and Nashville, TN, are currently peak buyer's markets, while Hartford, CT, remains a peak seller's market.
