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US housing market: Expert says ‘all hope is not lost’ for potential homebuyers

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The real estate market is still putting pressure on sellers and potential buyers to sit on the sidelines while rates remain elevated. However, buyers might get some reprieve this fall.

The U.S. housing market continues to pose significant challenges, but a recent report from real estate brokerage Redfin argues that there's still hope for potential buyers. Although mortgage rates – which rose for the fifth consecutive week on Thursday – are expected to remain elevated, buyers who decide to jump into the market may see a small reprieve as an uptick in supply and less competition have the potential to drive down costs to some degree.

" REDFIN CEO ISSUES DIRE WARNING ON US'S 'ROCK BOTTOM' REAL ESTATE MARKET: THE 'AMERICAN DREAM' IS IN TROUBLE "Fall isn't the busiest time for sellers to jump into the housing market, and this year is no different in that respect, but we have seen some improvement as homeowners and potential sellers acclimate to a higher-rate environment," Hale added.

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