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Housing inventory edges higher in mid-August as mortgage rates stay near highs

Mid-August inventory rose to 871,063, while mortgage rates above 6.64% kept demand soft and price cuts reached 41.7%.

Reported · Written up by our desk · Residential

Housing inventory increased in mid-August as demand softened, with mortgage rates staying near yearly highs above 6.64% but still under 7%, according to HousingWire.

The outlet said inventory climbed to 871,063, while pending sales and purchase apps have turned slightly negative year over year, reflecting weaker activity as rates remain elevated.

HousingWire added that new listings continue a seasonal decline, typically running between 80,000 and 100,000 per week during peak periods, and it noted that around one-third of homes see price reductions before they sell.

The report also said price cut intensity has been high this year, with price cuts totaling 41.7%, and it expects the year over year decline to compress as comps get easier moving later into the year.

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