The number of homes listed for sale in the US was down 28% year-over-year this January according to a report from real estate portal realtor.com, despite prices being up 25% in the same period.
“In a recent survey we conducted, more than 1 in 4 potential sellers who were choosing not to sell in the near term said it was because they couldn’t find a home they wanted in their price range,” said Realtor.com Chief Economist Danielle Hale.
As potential sellers are holding on to their properties buyers have been snapping up whatever comes on the market, as homes sold in an average of 61 days, down 10 days from January 2021 and 24 days from January 2020.
Part of the rush to buy is attributed by the report to record-low mortgage rates as low as 3.55%. These rates are not expected to last with rate hikes from the Federal Reserve expected as early as March.