Data: Maxwell; Note: Analysis comes from 300+ U.S. lenders; Chart: Axios Visuals
Potential buyers aren't the only ones frustrated by this housing market. Homeowners stuck in close quarters are feeling the squeeze, too.
Why it matters: Your starter home could become your forever home.
The big picture: First-time homebuyers are taking up a growing share of home purchases while current owners stay put.
Half of potential sellers are waiting for mortgage rates to come down before they list, per Realtor.com.
Roughly one-third of potential sellers have been thinking of moving for multiple years.
Shamika Lynch of of New Jersey-based Maximizing Tiny Interiors specializes in small space design. There's been a noticeable increase in clients opting to renovate the space they have instead of upgrading to a larger home, she says.
To maximize minimal square footage, clients are packing multiple functions into each space. For example, one client is adding a bathroom to their existing layout to complete a guest suite (that may double as a nursery one day), Lynch says.
