"Homeowners who secured mortgages with historically low interest rates aren't inclined to give up that rate by selling their homes."
"Existing-home sales in March actually declined by 2.4% year over year, demonstrating a mismatch with rising inventory."
"Pending Home Sales Index rose 6.1% in March, indicating a more active market may be on the horizon."
"Average mortgage rates in March were 6.65%, down from 6.96% and 6.84%, showing a strong link between rates and home sale responsiveness."
The housing market is seeing improvements in inventory levels, especially in existing homes, with a year-over-year increase of nearly 20%. However, existing-home sales have declined by 2.4% compared to the previous year, while new-home sales have risen by 6%. The Pending Home Sales Index has also increased, suggesting upcoming market activity. Lower mortgage rates in March spurred some purchasing, but the trend was short-lived as rates shot back up, underscoring how sensitive home sales are to mortgage rate changes.
Read at www.housingwire.com
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