As the mercury rises, will the housing market heat up—or continue to slump?
The story of the housing market over the past year or so has been how rising mortgage interest rates have decimated affordability, sidelining and pricing out would-be homebuyers. However, higher rates have led to an even larger problem: a worsening shortage of homes for sale.
Homeowners have been reluctant to trade up or down, or relocate and give up their record-low mortgage rates. That’s left buyers with very little to, well, buy.