The Changing Landscape of the U.S. Housing Market.

The US housing market is experiencing a shortage of homes for sale, with only 392,016 homes listed for sale in April 2023, compared to 497,844 in April 2022 and 552,082 in April 2019. Homeowners are "quiet quitting" the market due to spiked mortgage rates, resulting in fewer move-up sellers/buyers. This shortage is impacting both the supply and demand sides of the market. While active listings are up 49.3% YoY, they are still 50.3% below April 2019 levels, indicating that the market is still not in favor of buyers. Only one of the 100 largest housing markets in the US has returned to pre-pandemic inventory levels.