As spring commences, the housing market shows promising signs, notably with mortgage rates falling to 6.63% for the seventh consecutive week. Job growth remains positive, supporting wage increases without triggering inflation concerns. Despite financial market fluctuations signaling investor anxiety, there is a robust interest in safe-haven investments. Housing inventory growth is slow, but buyers have a wider selection compared to last year, while house prices remain stable. Notably, Hartford, CT has emerged as a leading housing market, reflecting stability amid the changing landscape.
This week, unemployment edged higher, even as companies still added workers to payrolls. Importantly, wages rose by 4%-high enough to propel real wage growth but not so high as to raise inflation concerns.
Earlier this week, the 10-year yield was down more than 60 basis points from its January peak. Mirroring this move, mortgage rates dropped for a seventh straight week, to 6.63%.
It's worth noting that in late 2024, these areas had lower unemployment rates than most other markets. In the February Hottest Housing Markets report, Hartford, CT, edged Manchester, NH, out of the No. 1 spot.
As of this week, there is still no evidence of a slowdown in these markets. On the plus side, buyers still have substantially more homes to choose from compared with last year.
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