Home Selling

The housing market may be impossible for the average American now, but hold on a while longer: it’s heading in the right direction. That’s ICE’s message, at least, with its latest Mortgage Monitor report, which revealed a mix of good and not-so-good data about the state of homebuying. Affordability is improving, for one, as rates come down. The share of income required to purchase the median home fell close to 5 percentage points from October 2023’s peak. Stock is also slowly recovering, up for a seventh consecutive month. Lack of inventory has contributed to high prices and competition, making the bidding process a nightmare for many buyers in the last few years. But home price appreciation remains off the charts.…