The number of available homes for sale is currently lower than normal. There are several reasons for this. Among them, elevated mortgage rates get a lot of the attention. After spending years near historic lows, rates have increased and it’s made some homeowners hesitant to sell and lose their rock-bottom rate. This is likely true in some cases and may be contributing to the lack of available homes. But there are, of course, many other factors – one of which was revealed by a recent survey of older Americans. Among survey participants, 78 percent said they plan to stay in their current home as they age. That’s an overwhelming majority and by far the most common answer. It also represents a lot of homeowners who have no plans to sell their homes any time soon. That means demographics may be another key factor keeping the supply of previously owned homes lower than normal, regardless of market conditions. (source)
