An industry rule of thumb is that five to six months of supply is generally considered a balanced resale market. Total housing inventory at the end of June totaled 1.08 million units, according to the NAR, which equates to 3.1 months of supply at the current sales pace. "We forecast existing-home sales to finish 2023 14% below 2022 levels, while new home sales scratch out a 2% gain,"wrote the firm's housing research team. While new-home sales fell 2.5% to a seasonally adjusted rate of 697,000 units in June from the revised May rate of 715,000, according to the Census Bureau, the sales pace was still 23.8% above the year-ago level. The newly built homes market has more life, propped up by buyers discouraged by the resale market. Read more: What the latest Fed rate hike means for mortgage rates and loans That's made it harder for buyers to find previously owned homes, pushing home resales to tumble 18% compared with June of last year.
Many homeowners are locked into their current properties because they have a mortgage rate that's well below the prevailing one and so are reluctant to sell. Home prices are expected to decline next year. A home under construction at a development in Eagleville, Pa.
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