Fewer homes are available because homeowners are hanging onto coveted rates of 3 or 4 percent.
discouraging owners from putting their homes on the market and forfeiting the
“The world is going back toward normal, but we still have the aftermath of what happened,” said Skylar Olsen, chief economist at Zillow. “That’s moving the housing market to behave this way.”Striking a balance between supply and demand in the housing market is key to getting inflation under control. But experts say they don’t see the logjam getting better until rates simmer down,probably won’t happen until next year.
The decline in listings is unusual, even compared to before the pandemic. By that measure, listings in Winston fell 67.3 percent, and in Las Vegas, 45.9 percent. “It’s going to be hard for me, financially, to move elsewhere,” Sale said. “It’s kind of frozen me in place in a lot of ways. And even if I did move, it would probably be holding onto a house like this, because the rate is so low, it would be a good revenue-generating investment for me.”
“There’s an overwhelming sense of hopelessness — that’s the word — that washes over me every time,” Engel said. “This is insane. We’re not going to win. We’re not rich. We don’t have $100,000 extra. I’m almost 40. Am I not mature enough to own a house? You feel like a kid.”Engel said she doesn’t see any signs demand in New England is cooling. But the housing market is extremely sensitive to changes in interest rates,are working as central bankers intended. The median existing-home price fell 0.
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