Posted 3/30/2024, 8:11:07 PM
Home Sales and Inventory Rise But Mortgage Lock-In Slows Housing Market Recovery
- Growing number of "mortgage lock" homes being listed for sale as sellers realize high rates are here to stay
- Existing-home sales jumped 9.5% in February, while inventory rose 5.9%
- About 1.6 million homes under construction currently, adding to supply
- Housing completions up 15.6% year-over-year in February
- Recovery expected to be gradual due to lingering mortgage lock-in effect and supply/demand imbalance