The inventory of unsold homes surged by 17,000, marking the largest weekly increase in three years as mortgage rates remain elevated. Despite slight weekly declines, typical mortgage payments are about 3% cheaper than last year. The ongoing high mortgage rates contribute to climbing inventory; however, home sales are showing slight growth compared to last year. Upcoming data may fluctuate due to Easter weekend effects, and market volatility raises uncertainty about future real estate trends, especially how mortgage rates will adjust in the near term.
Available inventory of unsold homes grew by 17,000 this week, signifying the largest single-week gain in nearly three years as mortgage rates remain elevated.
Mortgage rates have dipped slightly this week, making typical mortgage payments about 3% cheaper than a year ago, yet still elevated from last month.
Market dynamics indicate inventory climbs when interest rates rise; current mortgage fluctuations add complexity to the real estate landscape and future sales.
With Easter weekend affecting upcoming data, tracking home sales trends will be challenging, especially with volatility in global financial markets impacting mortgage rates.
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