U.S. Housing Market Is ‘No-Man’s-Land’ as Both Buyers and Sellers Pull Back
As housing costs climb to new highs and inventory dwindles, homebuyers and sellers are reaching a middle ground
Feb. 15, 2023
Image: Stock.adobe.com
After years of a red-hot seller’s market keeping prospective homebuyers glued to the sidelines, the U.S. housing market is becoming a no-man’s-land where both buyers and sellers are putting their patience to the test. New listings are down 11% year-over-year, and not only are sellers putting fewer homes up for sale, but existing properties on the market are taking longer to sell, according to Insider.
Homes are spending 19 extra days on the market compared with a year ago, highlighting weak buyer demand in the wake of rising mortgage rates and home prices.
"This week's data suggests that housing is still largely a 'nobody's market,'" chief economist Danielle Hale wrote on February 9. "The number of homeowners deciding to sell continues to lag one year ago but inventory and time on market continue to climb reflecting still-hesitant buyers."
