Home prices continue to rise while housing inventories are at a 37-year low because homeowners are staying in their homes five years longer than they did just nine years ago, according to a study by Redfin. Even super-low mortgage interest rates and a sizzling job market haven’t been able to ignite the housing sector.
The chief economist at Redfin, Daryl Fairweather noted, “If people aren’t moving on, there are just fewer and fewer homes available for new home buyers.”