Housing demand has shifted more toward the new home market, Fannie Mae's Economic and Strategic Research (ESR) Group noted in its May economic outlook.While mortgage rates have pulled back modestly from their highs in early March, ongoing affordability constraints, a lack of inventory for sale, and the ongoing persistence of a lock-in effect where existing homeowners with low mortgage rates are disincentivized to sell their homes are likely to keep sales subdued for the remainder of the year, according to the ESR group.
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