There's one simple reason why US housing inventory is set to remain low for the foreseeable future
With mortgage rates soaring from pandemic-era lows, most American homeowners aren't inclined to pack up and move out of their places – and that's set to keep a lid on inventory, says Pantheon Macroeconomics.
Pantheon noted that the share of outstanding mortgages financed at less than 3% jumped during the COVID pandemic, accounting for 24% of the stock at the end of 2022. It also found that about 97% of outstanding mortgages are fixed for 15 years or for 30 years, and 60% are just one to four years old. "That suggests that existing home supply will remain extremely low for the foreseeable future, depressing the flow of sales and slowing the rate at which existing home prices fall," he wrote.
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