Coming soon homes1/28/2024 “eclining rates have brought borrowers back to the market but, as the spring homebuying season gets underway, low inventory remains a key challenge for prospective buyers,” said Sam Khater, chief economist at Freddie Mac, in a press statement.Īt the current sales pace, unsold inventory is at a 2.6-month supply, according to NAR, which is low by historical standards, though up from 1.7 months a year ago. Housing supply remaining stuck at near historic lows has propped up demand compared to other downturns, consequently sustaining higher home prices. It hasn’t fully recovered-and won’t in 2023. Low housing inventory has been a challenge since the 2008 housing crash when the construction of new homes plummeted. “Prices need to drop more, and across more markets, before a general revival can occur,” said Robert Frick, corporate economist at Navy Federal Credit Union, in an emailed statement. And even as home price growth slows and sales transactions increase, some experts remain cautiously optimistic the housing market is in a recovery. Following a year-to-date peak in early March, rates fell for five consecutive weeks but have since ticked back up.ĭespite the latest uptick, recent rate declines seem to be luring at least some shoppers off the sidelines. Mortgage rates, meanwhile, continue to oscillate up and down. Department of Housing and Urban Development (HUD), helping to provide much-needed inventory. Housing starts also rose 9.8% in February, according to preliminary data from the U.S. Total existing-home sales jumped 14.5% from January to February-ending a run of 12 consecutive months of declining sales-but were still down 22.6% from a year ago, per NAR. This ends a record streak of 131 consecutive months of year-over-year increases. The median existing-home sales price was down 0.2% to $363,000 in February compared to a year ago, according to the National Association of Realtors (NAR). However, some promising trends are developing. ![]() Listing information last updated on May 2nd, 2023 at 10:03am CDT.As we move into spring homebuying season, housing experts maintain a watchful eye on the economy, which continues to be pulled in all directions by high inflation, steep interest rates, ongoing geopolitical uncertainties and recession fears, to name a few. Some properties listed with participating firms do not appear on this website at the request of the seller. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties which appear for sale on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale. Real estate listings held by brokerage firms other than Joy Daniels Real Estate Group are marked with the IDX logo and detailed information about each listing includes the name of the listing broker.The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Joy Daniels Real Estate Group participates, and is provided by BRIGHT through a licensing agreement. Information deemed reliable but not guaranteed.
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