Pending sales were up 2.2% in November.
Both supply and demand for housing are increasing. The trajectory of home prices will depend on whether supply or demand grows faster.
Some sellers who have delayed putting their homes on the market are now doing so, but inventory is still lower than normal.
Despite the world going digital, homebuying is still a highly analog process. James Rodriquez of Insider discusses the quest for a superapp.
Many home owners with low interest rates are reluctant to move. That’s pushing more buyers into new houses.
“The average days on market has gone from less than a week up to about 89 days,” says broker Amanda Pohlman of Keller Williams Living.
Sellers who don’t want to become buyers and the refinancing craze play roles in the lack of supply.
The rapid rise in home prices has provided a windfall for homeowners, but rising interest rates make home-buying increasingly out of reach for renters.
In Spokane, Washington’s hot rental market, finding an affordable home is “like a full time job” said Spokane Valley resident Kali Capps.
