Prices, rates up; inventory down

Not a good week for the real estate market: mortgage rates climbed to 6.96%; home prices increased slightly from May to June and housing inventory declined 5% from July, 2022.

Even with the limited inventory, homes stayed on the market for 13 more days, usually a sign that it’s the same old listings.

The news isn’t all glum, however. As inflation slows, the hope is that mortgage rates will come down and the strong job market is keeping many buyers in the game.

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