I have been writing about this for months. When the interest rates went up the number of homes on the market went down. Homeowners would rather stay put than move up to a higher interest rate. Thirty-year mortgage rates have risen to a 22-year high, at an average of 7.23% according to Freddie Mac.
So far home buyers have been willing to pay higher rates.
The peaks and valleys on the chart are there because home sales are somewhat seasonal. There are more on the market during the spring and summer than during the winter.
