Unfortunately it’s not enough to correct the current housing price inflation. Folks who bought during the COVID bidding wars with 2-3% interest rates won’t accept less money than they (over)paid. Stagnant wages mean prospective buyers can’t afford $4k-5k mortgages, so the stalemate stands.
Sellers outnumber prospective homebuyers as high prices and mortgage rates skew the housing market
Homeowners eager to sell may have to wait a while before a buyer comes along. As of April, the U.S. housing market had nearly 34% more sellers than buyers shopping for a home, according to an analysis by Redfin.
apnews.com