2024 inventory growth challenges mortgage rate lockdown

The mortgage rate lockdown premise holds that very few people will list their homes when mortgage rates are this high, thus suppressing inventory. But 2024 has proven that theory wrong. 2024 has had healthy inventory growth despite mortgage rates above 7%. Also, for the third time this year, I have hit my target of weekly inventory growth between 11,000 -17,000, thus leading to more inventory than...

What will happen to home prices with more inventory?

Sales are increasing because supply is increasing. We’re slowly emerging from a supply-constrained market. Sales in 2023 were held back because there were not enough homes to buy. As sellers gently re-enter the market, more home sales can happen and are happening.  This flat demand with more supply means that there are less upward pressures on home-price appreciation this year than a year ago. We...

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