By now, everyone knows that demand in the housing market has seen a bit of a slump as homebuyers hold back in hopes of improving affordability.
Home prices are still near all-time highs, and last week mortgage rates jumped again. But despite this, there are still virtually no homes for sale – which is continuing to push up prices and affect affordability even more.
How is this possible? Most would assume that when homebuying costs skyrocket, demand would significantly drop, and more homes would flood the market. Yet here we are, looking at a housing market that has barely any inventory available.
If you’re curious about what is keeping home prices elevated, I recommend reading our latest blog article. It clearly explains some statistics and numbers that I think are important for you to understand, because they show why home demand is going up, why housing supply is low, and why home prices will NOT fall as a result.
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