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Mortgage Rates

While the average 30-year mortgage rate fell below 6% last month, as predicted, it was not a long-lasting trend. Since then, mortgage rates have increased, and are projected to sort of bounce around this 6.0 – 6.2% range for the remainder of the year.

Spring Housing Inventory

Besides the mortgage rates, another dynamic to the spring housing market is the increase in homes listed for sale. Going all the way back to 2017, it’s easy to see the trend of more inventory in the spring months.

This gives people more choices. However, the days on market, or the amount of time a home is listed for sale, is also much lower in the spring months.

This time of the year is interesting - typically homes sell faster in the spring, there is an increase in the number of buyers, and, therefore, an increase in the amount of multiples offers. What is different about this year is the economy.

Economic Indicators

The reality right now is that there is a lot of uncertainty as economic concerns grow. There are many things going on nationally that will ultimately affect the economy and, in turn, the housing market. Some things that will have an impact are: oil prices, the government shutdown, the GDP, inflation, and unemployment.

Bottom Line

While the economy right now is volatile, the real estate market tends to be more cyclical - the spring season always ramps up coming out of the slower winter. While drastic mortgage rate fluctuations are not expected, it is anticipated that we will see more inventory from sellers and more demand from buyers.

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