Spring House Market
In from Realtor.com by Margaret Heidenry
Spring’s Housing Market Is About To Reach a Peak With ‘Outsized Impact’ Buyers Really Need Right Now
As strange as the housing market has gotten lately, certain seasonal rhythms still prevail. And despite being somewhat dampened by stubbornly high home prices, roller-coaster mortgage rates, and an unpredictable economy, the spring homebuying season is about to reach an apex that’s well worth taking advantage of.
“We’re moving into the period of the year when the number of newly listed homes tends to peak—usually in May or June,” notes Danielle Hale, chief economist for Realtor.com®, in her weekly analysis.
Granted, this seasonal pinnacle might not seem all that noticeable, since the number of new sellers listings their homes is still lower than it was at this time last year. For the week ending May 6, 16% fewer new homeowners listed their homes for sale. Still, this annual decline has been steadily shrinking week by week.
“Even though there is still a gap, it’s smaller than what was typical in most of March and April,” explains Hale.
And although new listings are down from last year, total inventory (of both new and old listings) is up 31% for the week ending May 6. In other words, there are plenty of homes for sale, although buyers might need to give stale listings a second look. This portends a potential boost to the overall housing market and offers hope to both buyers and sellers.
In short, the housing inventory is “evolving,” according to Hale. “While further moderation is needed, this is a welcome improvement that comes as new listings near their seasonal high point. Improvement now could have an outsized impact.”
We’ll break down what this all means for both homebuyers and sellers in our latest installment of “How’s the Housing Market This Week?”
WEEKLY HOUSING TRENDS….
- Median List Prices: Up 2.4%
- New Listings: Down 16%
- Time On Market: 16 Days Longer
- Mortgage Rates: as of 5/22/23: 30yr fixed 7.604%; 15 yr fixed 6.5%; 10/6 arm 7.4%