The total supply of homes for sale rose 15% year-over-year during the four weeks ending December 4— the biggest uptick on record—but very few buyers are being lured in by falling mortgage rates
Early predictions for the 2023 housing market are all over the map, but experts agree that the speed of home sales depends on the trajectory of mortgage rates in the near future
As high mortgage rates take center stage in 2023, home sales could fall to their lowest level since 2011, and home prices will likely follow a similar downward trajectory
With rising shares of home price reductions, high relative housing supply, and mortgage and rent affordability, these metros offer a starting point for budget-conscious first-time homebuyers
Over the past several months, builders have been increasingly lowering their prices and offering generous incentives to motivate deterred buyers, but today's concessions are nothing like those seen during the Great Recession