Housing Market Stagnation: A Perfect Storm of Affordability and Supply The latest data on the housing market paints a bleak picture, with pending home sales plummeting 5. 4% in June from May.
This decline is part of a longer term trend that has been unfolding for months. The root cause lies in the perfect storm of affordability and supply issues plaguing the market.
One key factor contributing to this slowdown is the surge in mortgage rates, which have hovered around 6. 6% on the popular 30 year fixed mortgage.