Homebuyers are experiencing a rise in typical home prices, which hit a new April high despite a deceleration in growth. Inventory levels have increased to 4.4 months, the highest in close to five years, pushing the market into 'balanced' territory. While existing-home sales fell slightly, new-home sales improved, influenced by builder incentives. Concerns over a potential recession have risen among shoppers, yet a significant portion view this as an opportunity, with many expressing readiness to buy if prices or rates fall.
The typically climbing home prices in April showed signs of noteworthy high levels, yet growth is slowing amid rising inventory and cost concerns.
With a notable rise in homes for sale, the housing market has entered 'balanced territory', indicating a shift in the dynamics between buyers and sellers.
New-home sales demonstrated resilience in April with notable gains hinting that builder incentives can significantly influence shopping behaviors, contrasting existing home sales.
Despite recession concerns, many homebuyers remain optimistic, with 30% indicating they would be more inclined to purchase a home if a recession occurred.
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