Reported about 1 month ago
Many first-time homebuyers, like Lindsey Vogel, are putting off purchasing homes as they face limited inventory and elevated mortgage rates above 6%. With the housing market struggling, September sales hit their lowest since 2010, leading to fewer transactions among entry-level buyers. The persistent 'lock-in effect' is keeping existing homeowners from selling, further constricting supply. Despite slight decreases in mortgage rates compared to last year's peaks, high home prices and rising interests continue to deter potential buyers.
Source: YAHOO