Home listings are rising, but buyers aren’t buying due to high interest rates

Home listings were up by 13% year over year at the end of February, according to a report from Redfin. This is the largest increase in three years.The total inventory on the market is also holding steady. This is the first time in about nine months that the number of homes on the market hasn’t declined.While home listings are up, so are home prices. Housing prices are still historically high, the Zillow report found. The average mortgage payment is $2,671, close to last October’s record high.

"The recent boomerang in rates has dampened already tentative homebuyer momentum as we approach the spring, a historically busy season for homebuying," Freddie Mac Chief Economist Sam Khater said. "While sales of newly built homes are trending in a positive direction, higher rates and elevated prices continue to pose affordability challenges that may leave potential homebuyers on the sidelines.

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