(The Epoch Times)—As of the week ending July 19, homes are sitting on the market for eight days longer, compared to a year ago, as buyers remain on the sidelines, according to a July 24 Weekly Housing Trends report on the real estate listings website Realtor.
The median time homes sat on the market hit 58 days nationally, which happened amid active inventory jumping nearly 25 percent year-over-year, the 89th consecutive week of annual gains.
“There were more than 1 million homes for sale again last week, marking the 11th week in a row over the threshold, and the highest inventory level since November 2019,” the report said.
Despite more inventory and choices for buyers, high home costs kept them at bay, it added.
“The lack of significant buyer response to substantial gains in for-sale inventory has pushed many sellers to reduce prices. The price reduction share reached roughly 1 in 5 homes in June, the highest June share in the data’s history.”
The report noted high mortgage rates as one of the reasons why many buyers are unable to take advantage of the current situation.
The weekly average rate on a 30-year fixed-rate mortgage has remained above the 6 percent level since mid-September 2022, according to data from Freddie Mac. Since the beginning of this year, rates have remained above 6.5 percent every single week.
Meanwhile, the median sales price of new homes sold in the United States was $401,800 in June, up from $325,500 five years ago, according to data from the Federal Reserve Bank of St. Louis. Since October 2021, the price has mostly remained above the $400,000 level.
This persistence in elevated home prices and mortgage rates creates an extremely difficult affordability challenge for prospective homebuyers.
In a July 17 post, the National Association of Realtors predicted that if the 30-year fixed-rate mortgage rates were to drop to 6 percent, then around 5.5 million more households would find the median-priced home affordable.
If rates were to hit this level, around 10 percent of these households are expected to buy homes within 12 to 18 months, the association said. At present, the mortgage rate stands at 6.74 percent.
Lisa Sturtevant, chief economist at real estate data company Bright MLS, said in a July 24 commentary that mortgage rates are “not going to be anywhere close to hitting 6 percent this year.”
She suggested that the Federal Reserve may not bring down its benchmark interest rates in the near term, which would provide support for retaining mortgage rate levels.
The Fed’s interest rate has remained unchanged in a range of 4.25 to 4.5 percent since last year. Fed Chair Jerome Powell has also given no indication that any rate cut is on the horizon.
In addition to rates, other factors are also creating sluggishness in the housing market, Sturtevant said.
“In a recent survey conducted by Bright MLS, we found that compared to a year ago, fewer buyers are holding back because of high mortgage rates. A growing share cited other financial issues and general economic uncertainty as the reasons they are not buying this year,” she wrote.
“So while 6 percent might seem to be a magic number for the housing market, there are a lot of other factors that are driving home buying and selling decisions in this shifting market.”
Meanwhile, buyers stand to gain from the current buyer-seller dynamics in the market, real estate brokerage Redfin said in a June 16 statement.
Home sellers are now outnumbering buyers, with many willing to negotiate and offer concessions, it said, adding that some sellers may also be willing to accept lower down-payments.
“The buyers who are moving forward today are being very careful with their finances because, with housing costs near record highs, they’re typically spending a big portion of their paycheck to buy a home,” said Fernanda Kriese, a Redfin Premier agent in Las Vegas.
For Emergency Preparedness, Don’t Forget the Meds
Being prepared is more than just a good idea—it’s essential. We stock up on non-perishable food, bottled water, flashlights, and first-aid supplies, but one critical aspect often gets overlooked: access to vital medications. What happens if pharmacies close, prescriptions can’t be filled, or you’re cut off from medical care during an emergency?
That’s where Jase Medical steps in, offering a reliable solution to ensure you and your family have the medications you need when it matters most.
Jase Medical specializes in emergency preparedness kits designed to provide peace of mind through physician-reviewed, prescription medications delivered right to your door. Their flagship product, the Jase Case, is a comprehensive emergency antibiotic and medication kit priced at $289.95.
This kit includes 10 essential medications—five life-saving antibiotics and five symptom relief meds—that can treat over 50 common infections and illnesses, from urinary tract infections and pneumonia to skin infections and traveler’s diarrhea. With 28 add-on options available, you can customize the kit to fit your specific needs, including a KidCase for children ages 2-11.
The process is straightforward and hassle-free. Simply visit Patriot.tv/meds, complete an online evaluation, and have your order reviewed by a board-certified physician. Once approved, the medications are shipped discreetly from a licensed pharmacy to your U.S. address (with plans for Canada shipping coming soon). Each kit comes with detailed Med Cards outlining symptoms, dosing, and usage, making it easy to administer even in high-stress situations. These medications are shelf-stable and designed for long-term storage, empowering you to handle medical emergencies without relying on external help.
For those on the move, Jase Medical also offers the Jase Go kit for $129.95, a compact travel med kit covering over 30 common conditions encountered during adventures or trips. And for ongoing needs, Jase Daily provides an extended supply of your prescribed chronic medications to safeguard against disruptions in supply chains or extreme weather events.
Don’t just take our word for it—thousands of satisfied customers have given Jase Medical a 4.9-star rating, praising its role in true preparedness. As radio host Glenn Beck warns, “The supply lines for antibiotics already are stressed to the max. Please have some antibiotics on hand… You can do it through Jase.”
Whether you’re prepping for a hurricane, a power outage, or simply the uncertainties of daily life, Jase Medical ensures you’re not caught off guard. Head to patriot.tv/meds today to customize and order your emergency kit—because when it comes to your health and safety, it’s better to be prepared than sorry.