The State of the Spring Housing Market: Sellers Strike and Buyers Struggle.

Home sellers in the US are holding back from listing their properties for sale, resulting in a decline in new listings and a hit to the demand side of the housing market. This is due to the fact that sellers would be giving up their low mortgage rates for higher ones if they were to sell their homes and buy new ones. While inventory has increased compared to the tight levels of spring 2022, it remains well below pre-pandemic levels, indicating that the power dynamic has shifted in favor of sellers. Only 14 of the country's 400 largest housing markets have returned to pre-pandemic inventory levels.