US Housing Inventory Rises 7.4% in October

Housing inventories are rising across the U.S. and in regional markets, giving buyers more choices as demand weakens. National active listings were up 7.4% year over year in October, while signed contracts fell 16.8%; in western Washington, active listings climbed about 25% as pending deals and completed sales declined, and Madison County, Alabama, also reported substantial inventory growth. Higher mortgage costs are weighing on buyers: a reported 30-year fixed rate rose to 7.30% after hotter-than-expected inflation data, while typical monthly payments remain well above a year ago. Sellers have not broadly responded with price cuts, but rising supply and slower sales may strengthen buyers’ negotiating position. Mortgage credit availability edged higher in October, including expanded conventional and jumbo loan options, though rates remain elevated.