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People savor their low mortgage rates and don’t want to give them up.
Meanwhile, rents are rising faster than home prices.
Also, thanks to rising home prices, would-be downsizers can’t find smaller homes that cost much less than their current homes, says Dennis Cisterna, chief executive officer of Investability Solutions, a real-estate investor marketplace. “There’s no urgency to sell right now unless you have to,” he says.
Millions of single-family homes were converted to rentals after the foreclosure crisis, Cisterna says.
Freddie Mac found that it takes just 3.5 months to get a building permit in lenient New Orleans, whereas it takes 17 months to get a building permit in restrictive Honolulu.
A longer permitting process costs money as developers carry the investments on their books while awaiting permission to build.