Mortgage rates and tight inventory are making it harder for most people to buy a home right now.
Rates remain elevated at 6.58% while new-home supply sits at historically high levels, but existing home sales have dropped sharply. The combination is pricing out buyers even as their real spending power barely grows.
Mortgage rates vs home prices since 2021.
The rate sets your monthly payment. Price growth tells you whether waiting costs you.
What changed
Rates remain elevated at 6.58% while new-home supply sits at historically high levels, but existing home sales have dropped sharply. The combination is pricing out buyers even as their real spending power barely grows.
What it means for you
Higher borrowing costs and scarce affordable inventory are squeezing people out of the housing market at a time when their paychecks are barely keeping up with bills. This matters directly if you are saving for a down payment or planning to move because your buying power is shrinking. Watch whether real disposable income starts to recover or existing home sales pick up again—either signal would show that the market is becoming less of a strain.
What to watch next.
Latest housing analysis.
Written after each data release. Plain English, no jargon.
Quick answers.
The questions people actually ask about the housing market, answered from the data above.