Housing demand has fallen to a minimum in the last two years.

Housing demand in June fell by 9,6% compared to June 2017 of the year, according to the Redfin monthly index. This is the biggest decline since April 2016.

Фото: Depositphotos

Housing prices, rising potential mortgage rates, high student loan debt have put pressure on buyers for some time, but a strong economy and growing employment have softened these factors. However, now the market deadlock is developing as rates and prices continue to rise, which further reduces accessibility.

As a result, the number of people requesting home tours decreased by 6,1 percent in June, according to the Redfin index, which seasonally covers 15 of major metropolitan housing markets.

According to the National Association of Realtors (NAR), home sales increased slightly in June, while in the main Redfin market index, the total number of homes for sale was 3,8 percent lower than a year ago, and 1,6 percent less new ads.

Despite the overall decline in supply, Redfin noted a large increase in listings in some of the most popular markets, where housing prices rose the most. These include Seattle and Washington, DC, where there was a double-digit increase in the number of homes for sale in June. However, demand in both of these markets has fallen.

Real estate agents in Southern California, where housing sales fell in June, also reported a decrease in the number of trades.

In other markets, where house prices have not yet risen much, demand is still growing. Chicago and Atlanta saw demand rise despite significant declines in the number of homes for sale. By comparison, home prices in Seattle rose more than 13 percent in May, according to the latest S & P / Case-Shiller price report, while prices in Atlanta were just 5 percent higher and Chicago's were up. by only 3 percent.

According to the United States Census Bureau, households in the second quarter of 2018 were 64,3% compared to 63,7% a year earlier.

“Although there is a slowdown in the growth of sales and housing prices, it did not slow down the growth of home ownership,” said Sam Cather, chief economist at Freddie Mac.

Home ownership is still inaccessible to many Americans, especially for first and young buyers. According to the National Association of Realtors, the average price for the secondary housing market rose in June to record 276 900 dollars, and the offer remained on the market for 26 days without change and price reduction. At the same time, the offer on the real estate market was not changed for three months.

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