Fannie Mae recently indicated that there’s little chance of average rates slipping below 6% either this year or next. Meanwhile, a recent report by Zillow showed that home values are falling in around half of the US’s top 50 most prominent metros, highlighting a slowing housing market and a pendulum that’s slowly ticking back in favor of buyers over sellers.
The number of unsold homes on the national market reached its highest level since May 2020, though it remains below the roughly 2 million homes for sale before the pandemic. The national picture reflects a wait-and-see approach, with some experts anticipating that buyers will remain on the sidelines until mortgage rates or broader economic concerns provide more clarity.
Meanwhile, the Downtown Brooklyn Partnership’s latest quarterly report revealed a record-breaking 3,700-plus new housing units were completed there in the first half of 2025. This influx of new homes, including over 1,000 affordable units, is a sign that while existing listings may be scarce, new construction is helping to meet some of the city’s housing demand.
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