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
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
