Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Richard Vogel / AP
We told you last week how hard it would be to find a home to buy this spring. The AP's Alex Veiga explains why the nation's "supply of homes for sale hasn't been this thin in nearly 20 years" (especially those affordable for first-time buyers):
- "Since 2008, the average time homeowners have stayed in their houses before selling has doubled to nearly eight years."
- "Some who had locked in ultra-low fixed mortgage rates may be reluctant to take on a new loan at a higher rate. Others may wish to sell but can't because they own one of the 3.2 million homes worth less than what's owed on their mortgage."
- "Some homeowners own other properties they rent out and have little incentive to give up the steady rental income, especially while they're also benefiting from rising home values."
- "Investors, who typically keep properties for disproportionately long periods, own a larger share of houses."
- "Though the pace of building has been rising, it has yet to make up for years of sluggish construction growth that followed the housing bust."
What it means: "The homes that are on the market are less affordable to a growing proportion of the population."