News about supply

Home prices have held up despite more sellers than buyers, as sellers largely refuse to cut asking prices and fewer buyers can afford to enter the market. Redfin counted nearly 63% more sellers than buyers in September, a record gap for the fourth straight month, yet the National Association of Realtors reported a median existing-home price of $417,500, the 39th consecutive month of annual gains. Mortgage rates hit 7.4% this month, the highest since November 2023, and many owners with pandemic-era rates of 3% or lower are reluctant to sell. Zillow put the typical new buyer's monthly payment at $3,037, up 5% from last year, while new single-family construction has fallen nearly 5% in 2026. Price cuts are rising, with 21% of active listings reduced in September, but not enough to improve affordability.