Home Listings Plummet as High Mortgage Rates Tie Owners Down
- Active listings fell 7% in May, according to brokerage Redfin
- Homeowners choose to stay put to keep cheaper mortgages
Homes in Miramar, Florida.
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The number of homes for sale in the US fell to record low levels in May, according to real estate brokerage Redfin Corp., as high mortgage rates continue to deter people from moving.
Active listings fell 7.1% on a seasonally adjusted basis in May, and were down 38.6% from pre-pandemic levels, according to Redfin’s Housing Market Tracker. The brokerage said just 1.4 million homes were up for sale in May — lower than any month on its records, which date back to 2012.