Housing market is facing a 'real inventory problem': Economist

📆 8/17/2023 3:12 PM
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Elevated mortgage rates and declining homebuyer traffic is putting a squeeze on the U.S. housing market. Redfin Chief Economist Daryl Fairweather outlines affordability and homebuilding challenges pressuring homebuyers. 'There are about 18% fewer homes for sale now than there were last year, and last year wasn't great for inventory either,' Fairweather says, pointing to mortgage rates contributing to affordability issues. Regional trends continue to play a vital role in U.S. home and renting affordability. 'The homeowners in places like Florida are probably happy to see their equity go up, so many people have moved into the state,' Fairweather states. 'Bbut the renters and people just trying to get their foot in the door in the housing market are probably really worried about how fast housing has gone up in price.' Fairweather also highlights the housing affordability obstacles that teachers are facing in order to live in or near the school districts they work in.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commentingCisco Systems reported fiscal fourth quarter results that beat analyst estimates, but the company's outlook was cautious.

When it comes to AI, Robbins says the company is getting some "early wins with some of this next generation ethernet." Robbins says the company provides the networking equipment that connect the "brains" behind the AI systems. He adds that the company will see some benefit in its 2024 fiscal year, but "we think the real move to this new technology" will be in fiscal 2025.

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