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Why Home Prices Keep Rising Without More Sellers | Charleston News
Home prices hit record highs at $446,000 — up 50% in six years — yet sellers are staying put, keeping inventory stubbornly low at just 4.6 months’ supply. Even as wage growth now outpaces price increases, decades of price hikes mean wages still lag far behind. The “lock-in effect” is key: homeowners with rock-bottom past rates are reluctant to move into today’s higher-rate environment. Buyers, meanwhile, face inflation and waning confidence, slowing momentum despite more options. Sales are up year-over-year but down month-to-month — a sign of mortgage rate sensitivity. Experts see slow…
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