Even with interest rates close to 7% on a 30-year fixed, prices in May 2023 actually rose 0.1% year-over-year. The primary cause for such a housing shortage seems to be the fact that most homeowners in the country now have an interest rate below 4%, so selling a home and buying a home with a 6 or 7% interest rate remains an unattractive option for many would-be home sellers.

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