The number of homes for sale has declined from pre-COVID-19 pandemic levels, with high mortgage rates discouraging prospective sellers from putting their properties on the market, said real estate brokerage Redfin.
There are now 39 percent fewer homes for sale on the market compared to five years ago in June 2018, according to a June 15 press release from Redfin. The brokerage firm blamed the inventory crunch on a “homebuilding slump” that has existed for more than a decade as well as mortgage rates shooting up after declining during the pandemic. Since 2021, mortgage rates have “more than doubled,” landing close to 7 percent this week, it said.
