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.
After several years of below-average vacancy rates and above-average rent growth, the rental market is adjusting quickly, with rental vacancy rates soaring in the first quarter of 2023 to their highest point in 2 years. This coincides with generally slowing rent growth nationwide and still low homeowner vacancy rates which are one of several factors dampening growth in the number of homes for sale along-side mortgage rate lock-in and concerns about market conditions. Mortgage rates remain a big wild card for buyers and sellers as they are highly sensitive to incoming data, Fed policy decisions, and recent developments in the banking sector. Amid all of the economic and financial swirl, which may worsen in the weeks ahead as the U.S. approaches the debt ceiling–which may arrive as soon as June 1–without a plan in place, the housing market continues to chug along at relatively low levels of activity. While new home sales bounced higher in March, pending home sales slipped as lower seller interest continues to hamper activity on top of affordability challenges. As we head into May and June, when the number of newly listed homes actually tends to peak seasonally, this data is going to be a key indicator of what’s ahead for housing activity. Even if market momentum continues to lag behind the past few years, the weeks ahead hold plenty of seasonal opportunity for buyers hoping to see some new options, and sellers are likely to see competition increasing.
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Data Summary:
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Weekly Housing Trends View — Data Week Ending Apr 29, 2023 – Realtor.com News
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