The biggest problem for the U.S. housing market is that there aren’t enough homes available. The sales slowdown probably won’t do much to alleviate the situation and over time could make it even worse
Despite forecasts for a cooling housing market in 2022, U.S. home prices are still hitting record highs, even with mortgage rates surging in recent months. WSJ’s Dion Rabouin explains what’s driving demand, evidence of a slowdown on the horizon, and what that could mean for the economy. Photo composite: Ryan TrefesThe biggest problem for America’s housing market is that there aren’t enough homes available.
, at a seasonally adjusted annual rate, down from May’s 5.41 million. It was both the lowest level since the early months of the pandemic and below the prepandemic trend. It reflects just how much the affordability problem, driven by the sharp rise in mortgage rates and sky-high home prices, is weighing on sales.
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