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Housing Market Inventory Shortage Worst Since 2012


The housing market is seeing its worst inventory shortage in over a decade as high rates trap homeowners and slow the spring homebuying rush   Active home listings dropped 7% in May to the lowest number Redfin has ever recorded going back to 2012. New listings, meanwhile, fell 25% year over year to 465,000 last month. That’s due to high mortgage rates, which have discouraged owners from selling their homes. The housing market is suffering its worst inventory shortage in over a decade, a sign that high mortgage rates are causing the housing ice age to drag on. Active home listings saw…

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