Summary
Many Americans struggle to sell their homes due to high mortgage rates and economic challenges. People who locked in low interest rates during the COVID-19 pandemic are reluctant to sell because new loans would be much more expensive. The situation results in fewer home sales and longer times on the market.
Key Facts
- The U.S. housing market is seeing longer selling times, with homes spending 63 days on average on the market in March 2026.
- Mortgage rates have increased significantly from pandemic lows, affecting homeowners’ decisions to move.
- During the pandemic, many secured low mortgage rates around 2.65%; current rates are about 6.11%.
- The change in interest rates means a significantly higher monthly payment for those who sell and buy new homes.
- Home sales fell by 1.3% compared to the previous year, indicating a market slowdown.
- Around 73% of homeowners would consider moving if they could keep their current mortgage rate.
