US Housing Market: Fewer Homes Selling Fast Amidst Recession and Low Mortgage Rates
TL;DR Summary
The US housing market has 39% fewer homes for sale compared to pre-pandemic levels, with a 6% YoY drop in the four weeks leading up to June 11, marking the largest decline in 13 months, according to Redfin. Homeowners are holding onto low mortgage rates, discouraging them from selling or moving, and new home listings fell 23%, the 10th consecutive month of double-digit declines. High mortgage rates are expected to keep inventory tight, and the lack of options for buyers could mean the home-price bubble will keep growing.
- Housing Market: 40% fewer homes for sale compared to pre-pandemic Markets Insider
- Recession for lower mortgage rates? Yes, say prospective homebuyers USA TODAY
- Most homeowners already have mortgage rates below 6 percent, prompting them to stay put The Hill
- Fewer homes are selling, but they're selling fast: Redfin Fox Business
- Housing slowdown leads to first annual drop in US homeowner equity since 2012 Madison.com
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