Shortage in homes for sale in the US is fueling bidding wars
According to Redfin, nearly every homeowner has a mortgage rate under 6%. In May, the rate on the 30-year-fixed mortgage averaged 6.43%, up from the 5.23% reported a year earlier.
A for sale sign is posted in front of a home for sale on February 20, 2023 in San Francisco, California. However, Redfin chief economist Daryl Fairweather said that "it's too early to say that price declines have bottomed out" and that prices still might fall if mortgage rates continue to rise. indicated earlier this month that it's likely to continue raising rates this year, which could further hamper demand and cause prices to fall in the near term, according to Fairweather.
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