AGP Executive Report
Last update: 7 hours agoU.S. Housing Market: Existing-home sales rose 1.5% in September but remained 2.2% below a year earlier, with the 3.99 million annual pace among the slowest this year. Mortgage rates near 7.5% are squeezing buyers, though rising inventory and longer selling times are giving them more room to negotiate. Buyer Leverage: Price cuts are spreading in several markets, and agents say sellers can no longer count on bidding wars. Buyers may find room to negotiate on price, repairs and closing costs. Affordability Gap: In six California metros, estimated monthly costs for buying were about $3,839 above median rent in September, underscoring why many buyers may keep renting while ownership costs remain high. First-Time Buyers: England’s proposed Your First Home scheme would offer eligible buyers a 20% equity loan and require as little as a 2.5% deposit, but a major builder warns that buyers may delay purchases while awaiting details.
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