For many prospective homeowners, the 2023 Housing Market has become “difficult” due to rising mortgage rates and a lack of available properties.
2023 Housing Market (Photo: Four Architects)
2023 Housing Market
According to Zillow’s monthly statistics, the number of single-family houses for sale nationwide in July was 824,595. If that seems like a lot, it isn’t—at least not in absolute terms. Over the previous year, the totals had decreased by around 103,000, or about 11%. Even more dramatic inventory decreases can be found in numerous American urban areas.
According to Freddie Mac, 30-year fixed-rate mortgages have been above 7% for the past four weeks. Following record low rates during the epidemic, rates have reached two-decade highs this year as the Federal Reserve tries to control inflation.
Interest rate increases and inventory problems are related. Homeowners are less likely to give up their low rates and accept ones that are much higher because they locked them in during the outbreak. Additionally, investors benefited from the recent decline in interest rates by acquiring increasing shares of the housing supply.
Housing options have also been reduced due to declines in new construction, which have been fuelled by the pandemic, supply chain problems, labor shortages, and inflation.
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25 Places That Have The Fewest Homes For Sale Based On 2023 Housing Market
GOBankingRates has examined Zillow’s most recent statistics on single-family homes in the 150 largest metro areas in the US to gain insights into the locations with the worst inventory problems. The bottom 25 results have been collected into a list.
1. Salinas, California
Inventory For-Sale As Of July 2023: 455
For-Sale Inventory Change Year Over Year: -112
Percentage Change In For-Sale Inventory Year Over Year: -19.75%
2. Santa Maria, California
Inventory For-Sale As Of July 2023: 476
For-Sale Inventory Change Year Over Year: -151
Percentage Change In For-Sale Inventory Year Over Year: -24.08%
3. Manchester, New Hampshire
Inventory For-Sale As Of July 2023: 476
For-Sale Inventory Change Year Over Year: -151
Percentage Change In For-Sale Inventory Year Over Year: -24.08%
4. Ann Arbor, Michigan
Inventory For-Sale As Of July 2023: 545
For-Sale Inventory Change Year Over Year: -171
Percentage Change In For-Sale Inventory Year Over Year: -23.88%
5. Trenton, New Jersey
Inventory For-Sale As Of July 2023: 605
For-Sale Inventory Change Year Over Year: -376
Percentage Change In For-Sale Inventory Year Over Year: -38.33%
6. Reading, Pennsylvania
Inventory For-Sale As Of July 2023: 476
For-Sale Inventory Change Year Over Year: -151
Percentage Change In For-Sale Inventory Year Over Year: -24.08%
7. Lancaster, Pennsylvania
Inventory For-Sale As Of July 2023: 620
For-Sale Inventory Change Year Over Year: -175
Percentage Change In For-Sale Inventory Year Over Year: -22.01%
8. Vallejo, California
Inventory For-Sale As Of July 2023: 624
For-Sale Inventory Change Year Over Year: -356
Percentage Change In For-Sale Inventory Year Over Year: -36.33%
9. Modesto, California
Inventory For-Sale As Of July 2023: 711
For-Sale Inventory Change Year Over Year: -395
Percentage Change In For-Sale Inventory Year Over Year: -35.71%
10. Visalia, California
Inventory For-Sale As Of July 2023: 718
For-Sale Inventory Change Year Over Year: -154
Percentage Change In For-Sale Inventory Year Over Year: -17.66
11. York, Pennsylvania
Inventory For-Sale As Of July 2023: 771
For-Sale Inventory Change Year Over Year: -247
Percentage Change In For-Sale Inventory Year Over Year: -24.26%
12. Canton, Ohio
Inventory For-Sale As Of July 2023: 794
For-Sale Inventory Change Year Over Year: -149
Percentage Change In For-Sale Inventory Year Over Year: -15.8%
13. Fort Wayne, Indiana
Inventory For-Sale As Of July 2023: 805
For-Sale Inventory Change Year Over Year: -151
Percentage Change In For-Sale Inventory Year Over Year: -15.79%
14. Tallahassee, Florida
Inventory For-Sale As Of July 2023: 847
For-Sale Inventory Change Year Over Year: -163
Percentage Change In For-Sale Inventory Year Over Year: -16.14%
15. Brownsville, Texas
Inventory For-Sale As Of July 2023: 862
For-Sale Inventory Change Year Over Year: +127
Percentage Change In For-Sale Inventory Year Over Year: +17.28%
16. Anchorage, Alaska
Inventory For-Sale As Of July 2023: 870
For-Sale Inventory Change Year Over Year: -277
Percentage Change In For-Sale Inventory Year Over Year: -24.15%
17. Santa Rosa, California
Inventory For-Sale As Of July 2023: 890
For-Sale Inventory Change Year Over Year: -66
Percentage Change In For-Sale Inventory Year Over Year: -6.9%
18. Harrisburg, Pennsylvania
Inventory For-Sale As Of July 2023: 891
For-Sale Inventory Change Year Over Year: -297
Percentage Change In For-Sale Inventory Year Over Year: -25%
19. Davenport, Iowa
Inventory For-Sale As Of July 2023: 905
For-Sale Inventory Change Year Over Year: -127
Percentage Change In For-Sale Inventory Year Over Year: -12.31%
20. Eugene, Oregon
Inventory For-Sale As Of July 2023: 950
For-Sale Inventory Change Year Over Year: -44
Percentage Change In For-Sale Inventory Year Over Year: -4.43%
21. Springfield, Massachusetts
Inventory For-Sale As Of July 2023: 969
For-Sale Inventory Change Year Over Year: -405
Percentage Change In For-Sale Inventory Year Over Year: -29.48%
22. Peoria, Illinois
Inventory For-Sale As Of July 2023: 973
For-Sale Inventory Change Year Over Year: -333
Percentage Change In For-Sale Inventory Year Over Year: -25.52%
23. Stockton, California
Inventory For-Sale As Of July 2023: 982
For-Sale Inventory Change Year Over Year: -636
Percentage Change In For-Sale Inventory Year Over Year: -39.31%
24. Salem, Oregon
Inventory For-Sale As Of July 2023: 987
For-Sale Inventory Change Year Over Year: -114
Percentage Change In For-Sale Inventory Year Over Year: -10.35%
25. Oxnard, California
Inventory For-Sale As Of July 2023: 1,039
For-Sale Inventory Change Year Over Year: -509
Percentage Change In For-Sale Inventory Year Over Year: -32.88%
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