500,000 More Homes Than Buyers: US Housing Market in Trouble?

The US housing market is facing a significant challenge. There are currently 500,000 more homes for sale than there are buyers, according to a recent video by financial commentator SteveSaxton. This unprecedented surplus is causing concern among real estate professionals. The video also points to a shift in demographics, with the average age of first-time homebuyers rising from 28 to 38 years old. This suggests that younger generations are facing greater obstacles in entering the housing market. "We haven't seen interest rates stay this high with house prices this high for this long," says Saxton in his video. Experts agree that high interest rates and elevated house prices are significant barriers to entry for many potential homebuyers. The situation is expected to remain challenging until interest rates decrease, potentially making homeownership more accessible.