Home prices continue to increase, albeit at a slower pace, with the median existing sales price for March at $403,700. Meanwhile, mortgage rates have seen a recent uptick, currently averaging 6.81%. Conversely, the new home market is thriving, with sales up 7.4% from February and median prices close to those of existing homes. This shift indicates a market trend where builders are focusing on affordable housing options, amid signs of a potentially weak overall spring market for sales and decreasing mortgage applications.
The median existing home sales price for March was $403,700, up from $392,900 the previous year, indicating a continued but slower climb in home prices.
Sales of new single-family homes grew by 7.4% from February and are 6% higher than last year, suggesting a shift in market dynamics.
The average rate for a 30-year fixed-rate mortgage was recorded at 6.81%, climbing higher due to external economic pressures.
The unusual price parity between new and existing homes points to a market trend where homebuilders are focusing on constructing smaller, less expensive homes.
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