Slow housing market may not heat up anytime soon, analysts say: 'The party is over'

A"For Sale" sign is displayed in front of a home in Arlington, Va., Aug. 22, 2023. Sales of homes in the United States ticked down in July, according to industry data released on August 22, 2023, as elevated mortgage rates and limited housing supply held buyers back.have helped slam the brakes on the housing market, recent data shows.data showed last week. The 30-year fixed-rate mortgage averaged 7.09% over the week ending on Thursday, after sustaining levels above 6.5% since May.

Many homeowners have resisted selling because they don't want to give up their relatively low mortgage rates, Yun said, while some buyers are scared off by the added borrowing costs. "Scarce supply keeps prices higher than they otherwise would be in the face of higher interest rates," Coburn said.

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Home buyers flee the housing market as mortgage rates surge to the highest level since 2000Mortgage applications fell 4.2% in the latest week, the Mortgage Bankers Association said. The average rate for a 30-year mortgage is 7.31%.
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