Weak home supply created hot markets for US homes amid high mortgage rates

Posted on April 17, 2023   |  

The number of homes available to buyers is declining. In the week of April 2nd, new listings fell by 21.8% from a year earlier, one of the most significant drops since pre-pandemic. 

The average 30-year mortgage rates plunged to 6.28%, a 4th straight week of drops, and is more than double compared to 2021. 

The pending home sales fell annually by 19%, which is a result of low buying demand and low homes in the market.



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