Mortgage Rates Retreat Spurs Homebuyer Demand, Pushing Up Prices Amid Low Inventory
• Mortgage rates have fallen since October peak, spurring home demand and pushing up prices due to low inventory • Rates dropped to mid-6% range, increasing buyer demand; even slight uptick combined with tight inventory causes faster price growth • Demand ticked up in December - more new listings and homes selling quicker • Median sale price over $363k, up 4%+ from last year - near largest jump since October • Path for future mortgage rates choppy based on uncertain economy; inflation trends key for rate drops to spur more listings