Sellers rush before market slows
Home listings suddenly jump as sellers worry they may miss out on the red-hot housing market
As signs of a slowing real estate market are growing across the country — both existing-home sales and new-home sales are falling — home sellers are growing concerned that they could miss out on the buyer frenzy. With the market shifting, home sellers are in a hurry to find a buyer before demand weakens further
The inventory of homes for sale rose 9% last week compared to a year ago, according to Realtor.com®. New listings are rising nearly twice as fast in the past four weeks as they did a year ago.
Sales are slowing because mortgage rates have risen sharply since the start of the year, with the biggest gains in April and early May. The average rate on the 30-year fixed mortgage started the year close to 3% and is now well over 5%.