- New listings in the last week of June were down 29% from the same week a year ago.
- The number of homes for sale falling below year-ago levels for the first time in 59 weeks.
- An even tighter housing market ahead means home prices are unlikely to cool.
It's a frustrating time for home buyers - especially first-time home buyers, according to Laith Daik of Texas Loan Star:" The supply side issue: You have people who just don't want to sell. And then you have builders who can't build new houses fast enough to keep up with demand." With mortgage rates surging ever higher, crossing over 7% again on the 30-year fixed. He says many homeowners aren't selling now because they want to give up their current low interest rate [average is below 4%] when the market was down! First- time home buyers could be out of luck! "You'll see multiple offers for a home getting bid up past the asking price. The sellers are cherry-picking the offers - a lot of time taking cash offers or picking the person with the biggest down payment!"
Investors Squeezing Out the Middle Class?
Daik says interest rates are making many current homeowners opt to FIX UP - instead of TRADE UP. With fewer homes for sale, it's just going to get harder to buy.
photo:Getty
fewer homes for sale Photo: Getty Images