Why are there no houses for sale?

Why are there no houses for sale?
People are quickly realizing that their homes are not the correct size for their needs. Young people have growing families and older people want to downsize.
Many Americans want to move but have locked in low interest rate mortgages and don’t want to lose them. Therefore, the supply of homes is unusually low, which makes the market more competitive and pricier. In April 2023, there were half as many homes for sale as April 2019.
Low supply, or constrained inventory is part of the reason that home prices have not fallen very much despite the hike in mortgage rates. Also, people feel that house prices are inflated. On top of that, the interest rate could be twice as high as their current mortgage rate.
As of March 31, almost two-thirds of mortgages had an interest rate below 4%. 73% of mortgages have fixed rates for 30 years. The average rate for a new 30 year fixed mortgage is 6.39%.
Bidding wars are still occurring through much of the country.
A healthy housing market has four to six months of supply of the current sales rate but was 2.6 months’ supply in March.
Works Cited:
https://www.wsj.com/articles/low-mortgage-rates-home-sales-low-supply-899aab29?mod=hp_lead_pos5
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