According to a new report from national property broker Redfin, the total number of U.S. homes for sale dropped 6% from a year earlier during the four weeks ending June 11, 2023, the biggest decline in 13 months.
New listings dropped 23%, continuing a 10-month streak of double-digit declines. Those add to the deepening post-pandemic inventory shortage; there are 39% fewer homes for sale now than there were five years ago, in June 2018.
The inventory crunch is partly due to a homebuilding slump that’s lasted for over a decade and partly to mortgage rates falling to record-low levels during the pandemic, then shooting up. Mortgage rates have more than doubled since 2021, landing at close to 7% this week. The record-low mortgage rates of 2020 and 2021 drove a home buying boom, depleting inventory. When rates started going up in the beginning of 2022, many would-be sellers backed off, failing to fill the inventory hole. Elevated rates discourage homeowners who would prefer to hold onto a comparatively low rate from selling.
To continue reading the rest of the article, please click on the source link below:
https://www.worldpropertyjournal.com/real-estate-news/united-states/seattle/real-estate-news-2023-redfin-housing-reports-home-listings-data-for-2023-housing-inventory-data-for-2023-chen-zhao-2023-housing-data-13730.php
© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
