Even as the Federal Reserve continues to raise rates to levels not seen in over 16 years, the update vis a vis housing inventory is a somewhat brighter story. While the accepted thinking is that the majority of homeowners who refinanced their mortgages at rates ranging from the high 2s to low 4s feel “constrained” to their homes given the new higher rates, that doesn’t tell the whole story. While mortgage rates remain high, the curiosity that current homeowners often have as to “what else” may be out there will surely be stunted. However, let’s not ignore the reality that many current owners do face. Whether for new job opportunities, retirement or simply overdue upgrading, there are still many homeowners contemplating selling and moving on.

Inventory for residential homes is looking somewhat brighter every day. For the past two months, the number of homes coming to the market has been up in the county and inventory is certainly up in Teaneck, Bergenfield and New Milford. We are experiencing an almost 75% increase in listing activity, quite a jump from the lows of early March. Surely movement in the marketplace is tied to the rates, but current indications are that this accounts for only part of the story.