Housing inventory continues shrinking

With mortgage rates now above the 7% threshold, the number of homes for sale in August dropped 7.9% compared with August 2022. To put matters in even more perspective, the pre-pandemic years of 2017-2019 had almsot tewice as many homes for sale.

Conventional wisdom says that current homeowners are reluctant to put their houses for sale when their new mortgage rates will more than double in their new home.

Most analysts don;t see a dramatic change in this narrative for the remainder of 2023.

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