Home listings surge at record rate as housing market starts to cool
Home prices remain near record highs but buyers could soon have more negotiating power.
The national inventory of homes for sale grew at a record pace for a third consecutive month in July, the latest sign that rising borrowing costs are starting to cool off the housing market.
Housing economists said the U.S. housing market continues to move toward more evenly balanced supply and demand compared to the 2021 frenzy. July’s elevated mortgage rates left many buyers tightening their budgets and sellers responding with price reductions, while home shoppers who kept searching saw more available options.