Market Shortage
As of mid-2023, the U.S. housing market had only a 2.5-month supply of homes, far below the 6-month balance. (National Association of Realtors)
Sales Decline
Existing-home sales dropped over 15% from the previous year due to limited inventory. (Mortgage Bankers Association)
Low Interest Rates
Many homeowners are unwilling to sell due to historically low interest rates on current mortgages. (Mortgage Bankers Association)