Real Estate

Mortgage rates near 8%, low inventory: Homebuyers face tricky market


Prospective buyers visit an open house for sale in Alexandria, Virginia.

Jonathan Ernst | Reuters

The housing market is dealing with several “tricky” dynamics, according to Tracy Kasper, president of the National Association of Realtors.

“What we’ve experienced over the last probably 12 to 18 months is what I really like to call a leveling,” Kasper said Thursday during CNBC’s Financial Advisor Summit.

That slowdown in home sales comes after “exponential increases year over year” during the Covid-19 pandemic, Kasper said.

With fewer people selling their houses, she said, there is now an “inventory crisis.”

“We’ve seen a crunch — our first-time homebuyers are struggling,” she added.



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