I see this exactly for low sales !
Among the factors that have fueled the decline in homes for sale:
— Since 2008, the average time homeowners have stayed in their houses before selling has doubled to nearly eight years, according to Attom Data Solutions.
— Many homeowners aren’t selling for fear they wouldn’t find a new home they would like and could afford. Some who had locked in ultra-low fixed mortgage rates may be reluctant to take on a new loan at a higher rate. Others may wish to sell but can’t because they own one of the 3.2 million homes worth less than what’s owed on their mortgage.
— Some homeowners own other properties they rent out and have little incentive to give up the steady rental income, especially while they’re also benefiting from rising home values.
— Investors, who typically keep properties for disproportionately long periods, own a larger share of houses. Between 2006 and 2016, the share of U.S. single-family houses and condos owned by investors averaged around 30 percent, according to Attom, and reached 35 percent last year.
It’s a good news for national market. San Diego, Seattle and Denver are mentioned.
It’s sad that SFBA is not even mentioned in this article. SFBA is not hot any more
Not hot as in price appreciation is no longer double digit😄
Double digit appreciation is crazy ! YOY Real estate longer term appreciation hovers around 5% to 7% .