Interest Rates
The increase in sales prices comes with a slight decline in existing home sales nationwide, as homebuyers struggle with declining affordability amid a lack of inventory, forcing some buyers to simply wait it out in hopes of more inventory and less competition.
Home prices are still on the increase and that is not likely to change during the summer months. The Median Sales Price increased 16.1 percent to $342,500 for the month.
Despite strong buyer demand, sales totals are lower due to a lack of affordable supply
Mortgage Rates Move Lower
March 21, 2019 Mortgage rates have dipped quite dramatically since the start of the year and house prices continue to moderate, which should help on the homebuyer affordability front. The combination of improving affordability and more inventory than the last few spring selling seasons should lead to improved home sales demand.
Information provided by Freddie Mac.
