Just 6% Of Potential Buyers Plan To Purchase This Summer
With affordability at its worst level in more than three decades, most Americans are putting off buying a home until rates fall.
Only 6% of Americans interested in buying a home are planning to do so this summer, with the majority waiting for interest rates to drop, according to BMO’s Real Financial Progress Index. Just 4% say they expect to buy in the fall.
High rates, low inventory, and sky-high house prices are keeping potential buyers on the sidelines. Of those who don’t currently own a property, 65% are holding off due to the state of the economy.
In the current high-rate environment, affordability is an insurmountable challenge for many buyers. As of May, each of the 100 largest U.S.…