12/28/2023 0 Comments Resale home inventory business![]() More women join construction industry as worker shortage keeps home prices high 03:01Ī nationwide lack of inventory has become a major headline in the housing market with homebuyers now facing a triple whammy of higher mortgage rates, elevated asking prices and few options from which to choose. "The inventory is really tight because sellers are hesitant to list their current home when they have such a low interest rate." "In Sacramento, homes under $500,000 are moving very quickly because buyers in that price range don't have a lot of options," said David Orr, an agent for Redfin in Sacramento. ![]() Check out some of the hottest real estate markets in the U.S.Mortgage rates are suring again - here's how much that adds to cost of buying a home.After falling for months, home prices are rising again.Real estate agents in those cities told CBS MoneyWatch that in addition to inventory declines, elevated home prices and mortgage rates have changed the way buyers shop and quelled sellers' eagerness to sell. Sacramento, California, ranked second highest, with a decline of 27% followed by Hartford, Connecticut, where listings were down 26%. San Jose, California, saw the steepest decline, with 35% fewer homes listed for sale this year. ![]() The number of homes for sale in 2023 decreased in 21 of the 50 largest metropolitan areas compared to this time last year, according to a new report from. It's getting tougher for house hunters to find a home to buy, particularly in large cities, as the housing industry faces a dearth of inventory. Mortgage rates driving lower housing supply, slowing market 04:38
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