![]() “It’s going to be a tortuous process to unfreeze the market and take a long time to get back to a normal supply-and-demand situation.”įewer homes for sale mean more competition among buyers, which leads to bidding wars and drives up prices. “We are in a real gridlock situation,” said Robert Frick, corporate economist at the Navy Federal Credit Union. Inventory is typically twice that amount to balance supply and demand. The inventory of unsold homes on the market at the end of March totaled 2.6 months’ supply, meaning it would take that long to sell them. Sales of existing homes in March were down 22 percent from the year before, according to the National Association of Realtors. “It’s a little scary now, and you have to be careful,” she said.Ī stalemate has mired the housing market, when it should be more robust. She would like to sell her two-bedroom townhouse but is worried about being able to afford a new home. Sandy Robinson, a 71-year-old retired teacher in Fairhaven, Mass., is daunted by the market. More than half said they planned to wait until rates fell before putting their homes on the market. More than three-quarters of sellers in a recent survey by said they felt “locked in” to their home by their own low mortgage rate. The mismatch is caused in part by homeowners who are inclined to sell but are sitting on the sidelines, scared off by the steep prices and mortgage rates that they would face as buyers. ![]() There is interest among buyers - mortgage applications were up 10 percent in March from the month before - but the number of homes for sale is low. ![]() This year, the market appears stuck in a deep freeze, and the biggest culprit is a lack of sellers, housing experts say. The housing market typically comes to life in spring, when buyers emerge in the warmer weather.
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