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Homebuyers' demand hits a peak due to low mortgage rates in March amid low availability
Posted on April 10, 2023 |
Homebuyers are coming back to the market as mortgage rates and prices continue their downward trend. In March end, mortgage-purchase applications rose for the 4th straight week.
However, the initial phase demand boom failed to generate more home sales. Nationwide, pending sales fell annually by 19% in the 4 weeks ending March 26th, the biggest decline in two months.
The new listings of homes for sale dropped by 22%, one of the biggest declines since pre pandemic. Homeowners are unwilling to sell as they don’t want to discard the low mortgage rate.
The lack of new listings is increasing the share of the homes that are listed to sell quickly; half of the listed homes are selling within 2 weeks, the largest share since June 2022.