After eight months of consecutive gains, the consequences of low inventory finally caught up with the housing market in February. Tightened supply was largely responsible for a 10.6% drop in the number of homes in contract from the prior month, according to new data from the National Association of Realtors, as reported by HousingWire.
Gradually increasing mortgage rates, heightened home prices and inventory levels at historic lows finally coalesced in February to depress in-contract deals.
Continue reading Low Inventory: The Ugly Side of Housing at Movement Mortgage Blog.
from Movement Mortgage Blog https://ift.tt/3um88O1
via Zero Mortgage Insurance
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