Housing Affordability isn’t Improving, Market Faces Decade of Undersupply

Housing affordability isn’t improving soon as the market faces a decade of undersupply, Realtor.com economy says Jennifer Sor Jun 30, 2023, 1:41 PM EDT Housing affordability isn’t improving anytime soon, Realtor.com economist Danielle Hale said. Hale expected home prices to dip just 0.6% this year, while mortgage rates might only ease to 6%. The tightness in the market can be chalked up to a decade of housing undersupply.  Housing affordability isn’t improving soon for prospective home buyers, thanks to the high cost of borrowing and the undersupply of homes built over the past decade, Realtor.com’s Danielle Hale said. In an…