Home sale prices increased by 3.4% year-over-year, amid a 6.65% average mortgage rate, higher than pre-pandemic levels. Despite a 2.3% annual drop in pending home sales, buyer activity is rising, with mortgage applications and home tours increasing significantly. Sellers are entering the market at rising rates, leading to a 12.7% boost in new listings, as many believe now is the time to sell before prices peak. Various relocations and life changes also drive sellers to list their properties in a shifting market.
Home sale prices have climbed 3.4% year-over-year, while the average mortgage rate stands at 6.65%, down from recent peaks but still more than double pandemic-era lows.
While high prices deter some buyers, more sellers are entering the market, giving buyers more options. New listings rose 12.7% year-over-year in March, the largest increase in 11 months.
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