Spring Housing Market Gets a Boost as Inventory Rises and Buyers Gain Ground
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The spring housing market is showing signs of improvement as inventory rises and buyers gain ground, with a 4.6% annual increase in newly pending listings. However, rising mortgage rates remain a wild card, with the weekly average mortgage rate for a 30-year, fixed-rate loan standing at 6.37%.
The spring housing market is getting a boost as inventory rises and buyers gain ground. According to Zillow's March Market Report, there were 281,546 newly pending listings in March, a 4.6% annual increase. Home prices continue to rise, though gradually, with a 0.8% annual increase. Inventory has climbed for the 28th consecutive month. Realtor.com's new Market Clock shows that 60% of metros are buyer-friendly, while 26% remain sellers' markets. Regional variations are stark, with buyer's markets located in the South and West, and seller's markets in the Midwest and Northeast. Mortgage rates remain a risk, with the weekly average mortgage rate for a 30-year, fixed-rate loan standing at 6.37%.
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