Housing Market Challenges: Low Inventory and Rising Mortgage Rates.

Homebuying is becoming more competitive this spring due to limited supply and heightened demand, which is keeping prices high. Homeowners are reluctant to sell because they have locked-in low mortgage rates. Despite declining mortgage rates, there are still not enough homes available for sale, with the gap between single-family home constructions and the number of households formed growing to 6.5 million homes in 2022. Buyers are advised to have their preapproval ready and be quick to move on a house when it shows up on the market.