Posted 1/25/2024, 1:11:39 PM
Housing Market Update: Prices Up As Buyers Return Despite Low Inventory
- Median home prices up 5.1% year-over-year nationally, with some metro areas seeing double-digit growth
- Pending sales down 8.2% due to harsh winter weather freezing out some buyers
- Mortgage rates holding around 6.5-7%, fueling renewed buyer interest
- Inventory still low, down 4% from last year, keeping prices high
- Agent activity varies by location - slow in wintery areas but picking up in warmer regions