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A Lack of Listings Is Driving Up Home Prices

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Affordability

A Lack of Listings Is Driving Up Home Prices

Despite fast-rising mortgage rates, home prices continue to increase as hesitant home sellers retreat, limiting the supply of homes for sale


May 31, 2023
Red arrow rising next to red house as fewer homes listed for sale
Image: Oleksandr / =stock.adobe.com

Home prices continued to rise in March as a largely absent share of home sellers restricted for-sale supply. Even as the Federal Reserve increased rates to tame inflation in the housing market and beyond, the S&P CoreLogic Case-Shiller 20-city home-price index rose 0.5% in March compared with the previous month, Realtor.com reports. 

Miami, Tampa, Fla., and Charlotte, N.C., saw the biggest annual price gains, with increases of 7.7%, 4.8%, and 4.7%, respectively, while Western metros such as Seattle and San Francisco saw double-digit declines of -12.4% and -11.2%, respectively.

What S&P said: “Two months of increasing prices do not a definitive recovery make, but March’s results suggest that the decline in home prices that began in June 2022 may have come to an end,” Craig J. Lazzara, managing director at S&P DJI, said.

“That said, the challenges posed by current mortgage rates and the continuing possibility of economic weakness are likely to remain a headwind for housing prices for at least the next several months,” he added.

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