New Home Listings Declined 30.6% in June 2023

In June, new home listings declined 30.6% year over year to its lowest level on record excluding April 2020.  Homeowners remain hesitant to sell as the majority would incur a significantly higher interest rate on a new mortgage.  Approximately 9 in 10 homeowners have an interest rate on their mortgage below 6%, compared to an average 30-year-fixed mortgage rate in June of 6.71%.