The Pace of Home Sales Slows As Mortgage Rates Pick Up
October 26, 2022
Although more than half of homes sold within 30 days, the median number of days they are staying on the market is growing.
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Shu Chen holds the position of senior professional, statistical analysis as part of the Office of the Chief Economist at CoreLogic. She works with senior economists to provide insights for multiple listing service data and the single-family rent index.
Prior to CoreLogic, Chen was a contributor to the consumer expenditure survey program for the Bureau of Labor Statistics and the credit risk and analytics team at Fannie Mae. She earned her master’s degree in statistics from the University of Virginia.
Although more than half of homes sold within 30 days, the median number of days they are staying on the market is growing.
As mortgage rates slow the buying frenzy, long-standing housing supply pressures began to ease. However, the supply of homes remains lower than pre-pandemic averages.
Fueled by the housing supply shortage and historically low mortgage rates during the pandemic, both home prices and rents hit new highs. With home price growth at record levels, some single-family investors sold their rental portfolios to extract the equity gains.
2021 was a strong year for the U. S. housing market. Home price appreciation was in the double digits and sales volume was near pre-pandemic levels.
The shortage in for-sale homes has driven the number of days homes are on the market to new lows in 2021.
Since the pandemic began over a year ago, a supply shortage of for-sale homes has fueled home price growth.