Why competition in the housing market is cooling off

More homeowners are listing their homes for sale, but properties are taking longer to sell as potential buyers face high prices and interest rates.

More homeowners are listing their homes for sale, but properties are taking longer to sell as potential buyers face high prices and interest rates.

New listings from home sellers jumped in May, up 13% from a year ago, according to the latest market report by Zillow.

“You have an increase in sellers coming back on the market,” said Orphe Divounguy, a senior economist at Zillow.

But with buyers not returning to the market, many new listings are just adding to inventory. The number of homes on the market rose 22% compared with last year, Zillow found.

“Homes are staying on the market for a bit longer because the sales are not keeping up with the flow of homes coming on the market,” Divounguy said.

https://www.nbcnews.com/business/real-estate/competition-housing-market-cooling-rcna157296

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