After a disappointing start to 2024, March shows promising signs for home sales, with pending sales reaching nearly 69,000—2.3% higher than last year. While sales are up, inventory of unsold homes is also increasing, indicating a more balanced market. Mortgage rates are now lower than in 2023, making home buying more affordable. However, home prices have not risen significantly, and in many cases have dropped. Overall, slight growth in sales is expected in the second quarter, with prices under pressure in most areas.
This week's pending home sales count came in at just under 69,000 single-family homes, marking a 2.3% year-over-year increase, signaling signs of recovery.
Mortgage rates are now below those of last year, making homes fractionally more affordable, despite overall home sales remaining weak in the current market.
The rise in inventory indicates that the supply side is moving faster, leading to increased availability of homes and potentially stabilizing home prices.
The complete picture suggests slight growth in home sales during the second quarter, with downward pressures on home prices being observed across most markets.
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