After years of a red-hot seller’s market keeping prospective homebuyers glued to the sidelines, the U.S. housing market is becoming a no-man’s-land where both buyers and sellers are putting their patience to the test. New listings are down 11% year-over-year, and not only are sellers putting fewer homes up for sale, but existing properties on the market are taking longer to sell, according to Insider.
Homes are spending 19 extra days on the market compared with a year ago, highlighting weak buyer demand in the wake of rising mortgage rates and home prices.
"This week's data suggests that housing is still largely a 'nobody's market,'" chief economist Danielle Hale wrote on February 9. "The number of homeowners deciding to sell continues to lag one year ago but inventory and time on market continue to climb reflecting still-hesitant buyers."
Advertisement
Related Stories
Housing Markets
These Housing Markets Are Seeing Higher Than Average Price Increases
The majority of metros where housing costs increased fastest are in the Northeast
New-Home Sales
More Than Half of All Homebuyers Say They Prefer New Homes
This trend comes as the price gap between new and existing homes narrows
Demographics
Gen Z, Millennials Find Creative Paths to Homeownership
High mortgage rates are causing younger generations to ‘house hack’ or move back home with their parents