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Homes Cost More Rates Climb Buyers Struggle | Lubbock News
Description
Homes are getting pricier, loans cost more, and buyers are struggling — July’s U.S. housing market saw a slight dip in sales but hit record-high prices at $434,100, fueled by stubbornly high mortgage rates near 6.7%. With inventory at a 4.6-month supply — far below the healthy 5-6 months — and first-time buyers shrinking to just 29% of sales, experts warn that unless rates drop closer to 6%, the market’s sluggishness since 2022 could persist.
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