Housing inventory has been lower in the United States since the market began rising interest rates in 2022. Americans live in their existing homes unless they are relocated by an employer or move to a state with a lower tax burden. Locally, we continue to see that the national trend is being confirmed in our market. Currently, interest rates for a 30-year fixed-rate mortgage are around 7%, depending on the lender and the borrower's creditworthiness. A little less than 18 months earlier, the same mortgage term would yield an interest rate of 3.

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