The current real estate market favors sellers, characterized by rising home prices and declining days on market. Buyers face challenges with elevated mortgage rates around 7%, discouraging them from purchasing. A recent Realtor.com report indicates homes sold in February averaged 66 days on the market, a decrease from previous years. Cities like Pittsburgh struggle with longer selling times and lower prices, while places like San Jose boast quick sales despite high home prices, indicating a varied market across the country depending on location and economic factors.
According to Realtor.com's February monthly housing report, 'Homes in February spent on average 66 days on the market, 11 fewer days than the average February between 2017 and 2019.'
'While rates remain elevated, we are beginning to see green shoots in the market as sellers grow tired of waiting for significant changes in interest and mortgage rates,' Danielle Hale, chief economist at Realtor.com, commented.
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