Author: Swapna Venugopal Ramaswamy, USA TODAY

Rising U.S. consumer sentiment combined with would-be homebuyers opting to rent due to high mortgage rates could explain the rise in rents.

The cost of floor coverings rose 13 %, and the prices of tools, hardware and supplies went up by nearly 12 %, according to the Labor Department.

Incremental gains in affordability are brining more buyers to the market

Slowing demand in the housing market was part and parcel of the Fed’s strategy designed to cool consumer demand to bring down inflation.

The share of homebuyers under the age of 45 increased from 51% in 2019 to 55% in 2021. The change was largest for Black homebuyers.

A family needed a qualifying income of at least $100,000 to afford a 10% down payment mortgage in 71 markets , up from 59 in the prior quarter.

Nationwide, the number of days that homes stayed on the market rose by 67% in October, up from 21 days last October to 35 days.

As one-bedroom apartments became harder to afford, people began sharing larger apartments to divvy up rental expenses, according to the report.

Increasing signs point to U.S. recession in 2023. What does that mean for the housing market and real estate? Housing experts make predictions.

The housing boom combined with high inflation and mortgage rates are forcing homebuyers to sit on the sidelines and wait for the dust to settle.