Posted 11/22/2023, 6:15:58 PM
Housing Market Sees Encouraging Signs as Rates Drop
- New listings posted their biggest year-over-year increase since 2021 during the 4 weeks ending November 19
- Median monthly mortgage payment has fallen over $100 in the last month as rates dropped from 8% to 7.3%
- Mortgage purchase applications increased 4% this week to their highest level in 6 weeks
- Buyers are responding to the good news, with more home tours and Google searches
- Key indicators like median sale price and median asking price saw their biggest yearly increases in over a year