As spring arrives, the housing market faces challenges with high mortgage rates averaging 6.65% and a significant increase in home prices over the past five years. Analysts expect mortgage rates to remain elevated due to Fed policies and potential recession fears. However, improved inventory with a 17% increase in existing homes for sale in February and a 10% rise in new listings in March presents a glimmer of hope for prospective buyers. This shift could signal a thaw in the previously stagnant market.
Because of the concerns around a slowing job market, because of concerns maybe about rising risks of a recession.
We’ve seen an increase in new listings—about 10% in March compared to last year—as more homes hit the market.
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