Multiple aspects of the housing market are closing in to create a squeeze. Recent data from Realtor.com’s latest Monthly Housing Trends Report shows a number of factors in combination are causing the pressure.
- Median housing prices are on a subtle downward trend.
- Houses are sitting on the market for longer.
- Housing inventory dropped while average mortgage rates climbed to almost seven percent.
- Banks tightened lending standards, making it more difficult for some consumers to purchase homes.
