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MortgagePoint ยป Your Trusted Source for Mortgage Banking and Servicing News 96 September 2023 F I N A L T H O U G H T S "renters are concerned" National Association of Realtors Chief Economist Lawrence Yun speaks on existing-home sales receding slightly in July, and the growing affordability challenges renters face due to interest rates at 20-plus-year highs. "filling the gap" Zillow Senior Population Scientist Manny Garcia discusses the rate at which first-time homebuyers are snapping up homes while competing for the limited number of affordable starter homes available on the market. "shifting and appreciating" New York RE/MAX Real Estate Agent Jeffrey Decatur details how limited inventory levels remain a challenge, but how homebuyers are adjusting to an unpredictable housing market. "buyers on the sidelines" Mortgage Bankers Association President and CEO Robert D. Broeksmit reveals that higher rates continue to restrict many prospective homebuyers, as mortgage app activity continued to decline in August. "homeowners aren't selling" Shauna Pendleton, a Redfin Premier Agent in Boise, Idaho, explains that new construction is increasingly growing as the only option for many homebuyers, as homeowners nationwide refuse to sell their homes while hanging onto their low mortgage rates. FINAL THOUGHTS In this month's Final Thoughts, the industry shares its insight into the consequences of limited housing supply, how and why many home shoppers remain deterred from purchasing a home, and the challenges faced by homebuyers and renters nationwide as home prices and rates continue to rise.