Demand Outpaces Limited Supply, Making Some Markets Feel Hot Despite Few Sales
Though mortgage rates remain high and inventory low, homes are selling fast in some markets across the country as buyers adapt to today’s market.
On the decline, the 30-year fixed mortgage rate fell to 6.28%, which is still more than double the 3% rates buyers once saw, which means many buyers are staying put. However, according to Redfin Deputy Chief Economist Taylor Marr, “today’s serious homebuyers have grown accustomed to the idea of a 5% or 6% rate and have adjusted their budgets accordingly. The lack of homes hitting the market explains why the market is moving fast even though sales are still down. The lack of new listings is also one reason why sales are down: Buyers can’t buy if sellers don’t want to sell.”