Housing Market Sees Signs of Turnaround as Rates Drop and Demand Rises
- Mortgage rates around 6%, down from 8% in October; spurring more demand and listings
- Mortgage purchase applications up 3% month-over-month; Redfin tours up 5%
- Pending home sales declined just 3% year-over-year, the smallest drop in 2 years
- 9% more new listings than a year ago; total listings down 3% annually
- Median home price up 4.1% year-over-year; mortgage payment down $325 from October peak