Plummeting Home Sales Predicted for 2023 Due to High Rates and Low Inventory

Economists predict 2023 will have the fewest home sales since 2008 due to high mortgage rates and low inventory
Mortgage applications dropped to lowest level since 1995 as rates stay high
Last time sales were this low was during the Great Recession when home prices fell 30% in some areas
High rates cause more buyers to stay put, worsening inventory shortages
Redfin data shows 14% fewer homes on market as owners hold onto lower rates
New construction sales doing better than existing homes, could be an option for buyers