Spring Homebuying Season Offers Opportunities Amid Evolving Forecasts
Spring Homebuying Season Offers Opportunities Amid Evolving Forecasts
Existing-home sales fell 3.6% month-over-month and 1% year-over-year in March, continuing a sales slump despite record-high home prices. Inventory remains low at about a four-month supply, below the balanced market level of five to six months. The median home price hit $408,800, up 1.4% annually. Rising mortgage rates near 6.5%, affordability issues, and low consumer confidence are limiting sales growth. Regional price changes vary, with increases in the Northeast and Midwest and slight declines in the West.