What’s Up with Real Estate?
National Real Estate News
Budding competition
The spring buying & selling season is here, and like every year, that's leading to a rise in multiple offers (3.1 for every home sold in March), a greater share of homes being sold above their list price (29% in March), and homes being sold faster (60% of the homes sold in March had been on the market less than a month). [Source: NAR]
Relatively resilient
March existing home sales dropped 4.3% month-over-month to 4.19 million (seasonally-adjusted, annualized rate). Considering that average 30-yr mortgage rates were on an upward trend in Feb/March, this was a reasonably strong result. With inventory levels still limited, the median sales price rose 2.3% MoM in March to $393,500. [Source: NAR]
A bruising 1-2-3 combo
The hotter than expected jobs and inflation data last week was followed by a blistering retail sales report this week. These recent data points led Fed Chairman Jerome Powell to say that he was losing some confidence in the path of inflation towards the Fed's 2% target. Average 30-yr mortgage rates briefly touched 7.5%. [Mortgage News Daily]
Local Market Trends
As of Friday, April 19, 2024
Questions about these articles or the state of your local market? Get in touch!