Mortgage & Housing Update 4/19/2024
It was another rough week for home-buyers, with 30-year mortgage rates approaching 7.5% in response to hotter economic data and comments from the Fed. Despite this, the spring buying & selling season is definitely here, with rising competition and faster sales.
Looking to take some profits or make a move? Let's talk! My name is Pauline Lee. I am a licensed real estate agent and mortgage loan officer. I encourage you to get informed. Connect with me for a home valuation and to discuss your mortgage options.
Budding competition
The spring buying & selling season is here. And like prior years, we are seeing:
- a rise in multiple offers (3.1 for every home sold in March),
- a greater share of homes being sold above their list price (29% in March),
- and homes being sold faster (60% of the homes sold in March on the market less than a month). [Source: NAR]
Relatively resilient
March existing home sales dropped 4.3% month-over-month to 4.19 million (seasonally-adjusted, annualized rate). This was reasonably strong, considering that average 30-year mortgage rates were on an upward trend in February-March.
With inventory levels still limited, the median sales price rose 2.3% month-over-month in March to $393,500. [Source: NAR]
A bruising 1-2-3 combo
The hotter than expected jobs and inflation data last week was followed by a blistering retail sales report this week.
Armed by these recent datapoints, Fed Chairman Jerome Powell said that he was losing confidence that inflation was heading towards their 2% target. Average 30-yr mortgage rates briefly touched 7.5%. [Mortgage News Daily]
Thanks for tuning in to my Mortgage & Housing Update. My name is Pauline Lee. I am a real estate professional, with an expertise in financing. Connect with me for a consultation and to get mortgage ready. I encourage you to get pre-approved.
Pauline Lee | (617) 965-1988 x205 | pauline@indmortgage.com
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