Last month, total active listings in the housing market surged to a five-year high, experiencing a 14.1% increase year-over-year, driven by new listings rising 6%, the highest since July 2022. However, many buyers, particularly first-time buyers, are cautious due to fears of a recession and elevated mortgage rates. With the average fixed mortgage rate reaching 6.65%, affordability is a significant challenge. Some regions saw substantial listing increases, influenced by local economic events like wildfires in Los Angeles. Overall, sales remain stagnated amidst buyers waiting for better market conditions.
Total active listings in the housing market have reached their highest level in five years, marking a 14.1% increase from last year amid rising economic concerns.
Buyers, particularly first-time homebuyers, are hesitant to enter the market with ongoing worries about a potential recession and high mortgage rates contributing to the slowdown.
The average 30-year fixed mortgage rate of 6.65% in March has more than doubled since the pandemic-era homebuying boom, limiting affordability for many buyers.
There is a noticeable disconnect between seller expectations and the market reality, emphasizing the ongoing tension in the housing market amid economic instability.
Collection
[
|
...
]