Posted 3/7/2024, 6:04:00 PM
Housing Market Shows Early Signs of Thaw After Deep Freeze
- The housing market fell into a deep freeze last year as mortgage rates skyrocketed, making housing very unaffordable.
- Existing home sales fell to their lowest level in 30 years due to limited supply and high costs.
- Signs of thawing new listings jumped 13% recently, the first annual increase in 8 months, bringing more homes onto the market.
- Average 30-year mortgage rates have fallen below 7%, easing the "lock-in effect" where homeowners were refusing to sell.
- While supply shows signs of improving, housing costs are still high - median sale prices are up over 5% from last year.