After a stunning rise in home prices enriched sellers and keyed up buyers into frantic bidding wars, there are signs that the U.S. housing market is starting to cool amid a surge of new inventory and higher interest rates.
“For sale” signs are multiplying in previously red-hot markets like San Jose, Chicago and Phoenix. The volume of U.S. monthly home sales have
The resulting “affordability squeeze” is keeping many would-be buyers out and leading to fewer deals, analysts say.Rachel Payne, a public school teacher in northern Virginia, says she gave up on her search recently after her dream home fell through. She and her fiancé, a professional poker player, put in an offer of $1.05 million on a four-bedroom house in the Belle Haven neighborhood of Alexandria, but the seller wanted to waive an inspection.
Housing inventory, which refers to the number of active listings, has swelled in some of the country’s most expensive metro areas, according Redfin data. It’s up 47 percent in Denver, 43 percent in Oakland, Calif., and 10 percent in San Jose. After renting for just shy of a decade, Myles Hughes, 32, wanted a place of his own. Late last year, he got married and moved from Florida to Albuquerque for a change of scenery.
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