Quote: Apr. 21, 2023

“So far, the supply picture has improved only marginally as the spring selling season has gotten underway. Even if buyers are able to digest higher financing costs, finding a home to purchase remains a major constraint. The vast majority of homeowners with a mortgage are holding on to rates well below those which prevail currently. Scarce inventory only compounds the problem, as many sellers also tend to be buyers.”
–Charlie Dougherty, Economist with Wells Fargo Economics, Charlotte, N.C.