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Special Report

Housing Market Research Brief

March 2022

Mortgage Rate Swell Has Yet to Extinguish Hot Home Prices

For-sale home availability is very low. The number of existing homes offered for sale came in at just 850,000 houses in January, compared to an average of 1.7 million homes listed during the same month in 2015-2019. Voracious demand, a portion of it coming from those looking to invest in homes that will be offered for rent, is limiting the number of days that available homes are on the market for. Some households tempted to sell and harvest sizable profits are being deterred by the lack of options that will be available if they do leave their current homes,  which is making it hard for those who are now in entry-level homes to move up the quality stack. Also, the typical generational swap, where older homeowners downsize or enter age-restricted communities, remains relatively slow.

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