As spring begins, the housing market shows signs of improvement for buyers, with more listings available and flattening prices. Realtor.com predicts a modest rise in home sales due to recovering inventory levels and steady mortgage rates. The Fed's recent policies and projections indicate an economic environment that is weaker than previously anticipated, though mortgage rates remain relatively low compared to last year. Rent prices have also declined for the 19th consecutive month, easing pressure on those not ready to purchase, creating an overall more favorable environment for home shoppers.
Rents fell for a 19th straight month, showing a favorable trend for households not ready to buy a home, providing them additional breathing room.
Realtor.com forecasts a modest increase in home sales as inventory levels recover, giving buyers more options this spring compared to previous years.
The steady mortgage rates in the 6.6% to 6.7% range this season, compared to the surge last year, should encourage home shoppers and sellers alike.
Despite mortgage rates climbing slightly, they remain lower compared to last year, which has contributed to a rise in existing-home sales in February.
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