Home sales have dropped to dramatic lows, families being priced out of housing market

We checked and as of Friday, the average rate on 30-year mortgages jumped to 7.99% this week, which is up from last week.

“So, I don’t believe so. One difference that we have is we don’t have the inventory to support the homes being on the market and potentially going into a short sale or foreclosure status. Of course, interest rates are up. We are seeing people’s journey take a little longer to shop for homes. But we are at a historic low for housing, specifically affordable housing,” Galavis said.The median price in September for a single-family home was $379,500Pending sales fell 10.

″We are still in a seller’s market. But as I would like to say buyers are in control, with the interest rates going up just a tick, people are able to shop a little longer or take their time, and the inventory is starting to come on the market. But it is still a seller’s market, but buyers and control,” Galavis said.

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