Our research team releases regular monthly housing trends reports. These reports break down inventory metrics like the number of active listings and the pace of the market. In addition, we continue to give readers more timely weekly updates, an effort that began in response to the rapid changes in the economy and housing as a result of the COVID-19 pandemic. Generally, you can look forward to a Weekly Housing Trends View and the latest weekly housing data on Thursdays and regular video updates from our economists monthly. Here’s what the housing market looked like over the last week.
This week, identified as the “Best Time to Sell,” is on track to live up to its name even as market momentum slows. In last week’s data, home price growth eased again, but time on market shrank and more homes were newly listed for sale. Sellers are contending with more competition this year than last, but buyers are in the market and willing to submit offers on well-priced homes. Even though mortgage rates remain elevated, their recent declines have provided a pleasant surprise for home shoppers. Inventory is likely to continue to be a problem, with 82% of those looking to buy and sell feeling “locked in” by their current low mortgage rate, a sentiment unlikely to change much with current mortgage rates more than 2 percentage points above the rates a majority of homeowners currently have. Older seller-buyers, who are likely to have a smaller mortgage balance and greater equity, are less likely to report feeling locked-in and also more likely to report that they need to sell anyway. This is likely to mean that older households will continue to play a prominent role on both sides of the home sale transaction in 2023.
Key Findings:
Data Summary:
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Weekly Housing Trends View — Data Week Ending Apr 15, 2023 – Realtor.com News
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