High Mortgage Rates Dampen Home Buying Amid Limited Inventory
High mortgage rates have dampened home-buying demand, although a dwindling inventory has resulted in available properties selling out fast in some parts of the country.
In the four weeks ended April 2, new listings declined by 21.8 percent compared to a year earlier, according to a news release on April 6 by real estate brokerage Redfin. This is one of the biggest drops since the beginning of the COVID-19 pandemic, and has contributed to an “unseasonal early-spring decline” in the number of homes available for sale. The decline in new listings means fewer homes are on the market. As such, buyers are snapping up homes fast, according to the brokerage….