The supply of homes in housing markets that have recently experienced some of the most rapid price appreciation is finally beginning to grow, as elevated home values and mortgage rates chip away at home affordability and more people list their homes to reap the rewards of higher prices.

“We have buyers, but they’re on strike,” Michael Orr, director of the Center for Real Estate Theory and Practice at Arizona State University, told Bloomberg. “This caught everybody by surprise, including me. The suddenness has made a lot of Realtors uneasy.”

Source: Bloomberg

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