US Housing Market Struggles with Low Inventory and High Prices

New home listings fell by over 22% in April, one of the largest declines since the pandemic began, as homeowners refuse to give up their locked-in mortgage rates despite rising interest rates. The scarcity of inventory is causing homes to sell quickly, with almost half of all homes on the market selling within two weeks. This shortage is also keeping home prices from falling further, with the US median sale price down 2.8% YoY. However, in certain parts of the country, sellers who price their homes in line with the market are attracting multiple offers.