Housing inventory has been improving since the end of last year, but the market’s hot spring season is proving to be slower than expected as interest rates have not come down.
The Federal Open Market Committee has yet to cut interest rates as predicted. Markets now anticipate that one or two interest rate cuts will come later in the year.
Thus, sellers are still waiting and holding onto low interest rate mortgages unless they’re selling cash for their next property, according to Sheryl Bowden, president of Phoenix Realtors board of directors.
