While Easter week tends to be relatively slow in the housing market, this year’s holiday couple with higher mortgage rates saw new listings drop by almost 10% year over year. On the good news side of things, active listings have increased 3.9% year over year while the median listing price decreased 2.1% year over year.
So let’s consider it a glass half full.
With so much going on in the US economy and the world in general, it’s no surprise that the spring housing market is a bit of a grab bag.
On one hand, the war in Iran has pushed gas prices up and the stock market remains uncertain. Mortgage rates are up to 6.22% – the highest this year.
On the other hand, housing inventory is up 5.6% year over year and list prices have fallen more than 2% for eight consecutive weeks.
So what’s the verdict? Potentially a good time for buyers to jump in but then, again, who knows?