A key point for 2023 is that many potential sellers are locked into their current homes with low mortgage rates – and new listings are down sharply, according to Bill McBride, blogger, Calculated Risk.
This significantly impacts the move-up market since potential move-up buyers would face much larger monthly payments if they bought a different home, he writes.
The local market reports show that new listings were down 18.2% year-over-year and Realtor.com reports new listings were down 17.2% YoY.
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