US Housing Market Splits as Inventory Rises 5.8% and Mortgage Rates Stay Above 6%
Updated
Updated · CNN · May 22
US Housing Market Splits as Inventory Rises 5.8% and Mortgage Rates Stay Above 6%
7 articles · Updated · CNN · May 22
April inventory reached 4.4 months of supply nationwide, showing buyers are gaining leverage in parts of the US even during the spring selling season.
Mortgage rates above 6%, high prices and cooling demand are weakening bidding wars in some regions, while economists still classify the national market overall as seller-favored.
Florida, Texas and parts of Louisiana are tilting toward buyers as listings rise, homebuilding adds supply and insurance costs deter demand; sellers there are increasingly covering repairs, closing costs or even bringing cash to closing.
New Jersey, much of the Northeast, Chicago and high-demand parts of California remain strong seller's markets, with some homes still selling tens of thousands of dollars above asking.
The split underscores how affordability now depends heavily on location, replacing the more uniformly frenzied pandemic-era market with sharply different regional conditions.
As the housing market fractures, will your city become a buyer's paradise or a seller's brutal battleground?
With climate risks and high rates hitting the Sun Belt, is the American Dream now moving back north?