It's too soon to call the housing market an affordable one as prices and borrowing costs are still high.The median cost of an existing, single-family home in the U.S. was $426,900 in June, a new all-time high, according to thehave declined from their May peak, borrowing costs remain expensive for buyers. The average 30-year fixed rate mortgage in the U.S. nudged up to 6.78% from 6.77% on Thursday, according to Freddie Mac data via the Federal Reserve.
"The market is certainly tilting more towards buyers, I would say maybe it's coming more into balance," said Zhao."Things are better, but they're not great yet.""We're still nationwide somewhat in a seller's market, not a buyer's market yet," he said."However there's good news for buyers on the horizon."There's still an affordability challenge at large.
About 64.7% of homes that were on the market in June have been listed for at least 30 days, up from 59.6% from a year ago,to Redfin. Homes are sitting on the market for slightly longer because mortgage rates and prices are still generally high for buyers.Some renters may be 'mortgage-ready' and not know it
"You really don't think about insurance and taxes," said Selma Hepp, chief economist at CoreLogic."Then you get the first estimate from a lender and then you decide to back out."In other cases, buyers might be getting pickier as more listings pop up in their area.