4.4 Months of Housing Supply: Why That’s Still Leaving Buyers Behind
Key takeaways
- Multiple offers still occur despite less intensity, while mortgage rates climbed to 4.57% on the 10-year Treasury and buyer confidence fell to a 12-month low, keeping demand muted even as listings grow.
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- Housing inventory finally moved in the direction buyers wanted in April.
Multiple offers still occur despite less intensity, while mortgage rates climbed to 4.57% on the 10-year Treasury and buyer confidence fell to a 12-month low, keeping demand muted even as listings grow. Regional disparities are stark: Western homes median $619,600 with 4.4 months supply provide less relief than $324,500 Midwest homes at the same percentage inventory gain, while California’s cost-of-living index at 110.7 keeps competitive pressure high despite improvement.
Rising mortgage rates and sticky inflation are offsetting inventory gains for buyers, as evidenced by the median time on market stretching to 32 days and consumer sentiment hitting recession-level lows, prompting buyers to wait rather than compete.
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