Housing Turnover Signs Emerge Despite High Mortgage Rates
• Homeowners appear less deterred by high mortgage rates when considering selling homes, per Zillow survey showing 21% of owners consider selling in next 3 years
• Homeowners with mortgage rates below 5% almost equally likely to consider selling as those above 5%, suggesting "rate lock" is wearing off
• New listings rose 2% year-over-year in December; total housing supply now only 14% below pre-pandemic level, an improvement from 35% in April
• Mortgage rates have declined recently to around 6.66% for 30-year fixed, after hitting 8% in October
• Home prices climbed 5% in October per CoreLogic; likely to ease slightly this year along with rates, improving affordability