Housing Inventory Rises While Buyer Demand Slows, Bringing More Balance to the Market
• New listings for homes for sale climbed 12.9% year-over-year in February • Total inventory of homes for sale did not decline for the first time in 9 months • Mortgage purchase applications have dropped for 4 consecutive weeks • Median sale price in February hit $365,888 - 5.4% higher than a year ago • House hunters have more breathing room and less competition currently