U.S. single-family home prices saw a steady increase in August, climbing 0.3% month-over-month and 4.2% year-over-year, according to the Federal Housing Finance Agency (FHFA). Reuters reports that despite some fluctuation in mortgage rates — which briefly fell after Federal Reserve rate cuts — they have risen again, reaching 6.54% for a 30-year fixed mortgage last week. Many homeowners with rates under 4% are reluctant to sell, contributing to limited housing inventory, which, combined with elevated interest rates, is keeping affordability out of reach for many buyers.
