The pace at which homes sell in the U.S. tends to ebb and flow over the calendar year, with homes selling fastest in the summer and slowest in the winter, but things are more muted in 2023 as high home prices and mortgage interest rates spook potential buyers.
It's a tough time to be in the market for a new house. The average 30-year fixed rate mortgage rose above 7% at the start of November 2022, the highest level in more than a decade, as the Federal Reserve raised its benchmark rates to combat inflation.