The housing market is seeing improvements in inventory levels, especially in existing homes, with a year-over-year increase of nearly 20%. However, existing-home sales have declined by 2.4% compared to the previous year, while new-home sales have risen by 6%. The Pending Home Sales Index has also increased, suggesting upcoming market activity. Lower mortgage rates in March spurred some purchasing, but the trend was short-lived as rates shot back up, underscoring how sensitive home sales are to mortgage rate changes.
Homeowners who secured mortgages with historically low interest rates aren't inclined to give up that rate by selling their homes.
Existing-home sales in March actually declined by 2.4% year over year, demonstrating a mismatch with rising inventory.
Pending Home Sales Index rose 6.1% in March, indicating a more active market may be on the horizon.
Average mortgage rates in March were 6.65%, down from 6.96% and 6.84%, showing a strong link between rates and home sale responsiveness.
Collection
[
|
...
]