Spring Housing Market Sees Fewer Sellers and Unwanted Listings

Despite the surge in demand and low mortgage rates, potential home sellers are not listing their homes for sale, resulting in a decline in new listings by 20% in March compared to the same month last year. The active inventory of homes for sale is 60% higher than the start of last spring, but homes are taking longer to sell, with an average of 54 days on the market. The greatest increases in time on market were in Raleigh, Kansas City, and Austin. The housing market's performance this year will depend on mortgage rates, which have dropped slightly in early March but are moving higher again.