The domestic housing market has hit a strange turning point. If considering pure numbers, an observer could think that buyers are finally winning. Inventory is piling up, and sellers outnumber buyers by more than a third in many markets. Price cuts and concessions are no longer rare — they're part of the script.
Yet, if you're out shopping for a home now, it probably doesn't feel like a buyer's dream. Mortgage rates are still hovering above 6.5%, property taxes and insurance premiums are up, and affordability is scraping along historic lows. And all of this is playing out within the broader business cycle, which is, inconveniently, late in the game.
