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Rental rates skyrocket as homebuyers, sellers retreat from housing market

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According to a new Redfin report, more sellers are retreating amid falling prices and volatile mortgage rates.

“Homeowners, they don’t really have a good reason to sell right now, they’re sitting on record equity, they locked in low mortgage rates last year, so for them they can just keep paying those low monthly mortgage payments and just hold on until the housing market eventually turns around,” said Fairweather.

Meanwhile, pending home sales are down 18% nationwide and new listings and total inventory are down, too. Nelya Calev, a real estate agent with John L. Scott Real Estate, said she had a client who recently pulled their listing and opted to rent the property in response to the housing market changes.

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