Take a look at the latest updates and trends in our housing market.
The housing market has been experiencing some noteworthy trends in recent months. Let’s delve into the key factors shaping the market and explore the options available to those looking to buy or sell their homes.
In March, national home sales saw a significant decline of approximately 20%. This can primarily be attributed to the limited inventory available for purchase. The shortage of houses on the market has led to a decrease in mortgage applications, which have dropped by around 30%. The rising interest rates are a contributing factor to this decline.
“It is worth exploring the various options that can help you achieve your housing goals.”
Unfortunately, it seems unlikely that interest rates will decrease anytime soon. Perhaps we may witness a fortunate adjustment downward in a year or so. However, the tight inventory situation continues to drive high house prices for now. Builders are working diligently to address this issue and find ways to alleviate the scarcity of available homes.
On a more positive note, new home construction has experienced a modest increase. Compared to the previous month, there has been a rise of over 4% in new home starts. Furthermore, the year-to-date statistics indicate an impressive growth of nearly 12%. Although this is encouraging news, it is not sufficient to restore a balanced market at this stage.
Selling a house may still require some effort and strategic planning, despite the slight improvements in new construction. Many individuals may be hesitant to sell their current homes due to concerns about the limited options available for moving up or downsizing, especially for empty nesters. However, it is essential to remember that alternatives do exist.
If you feel unsure about your next steps in this situation, it is worth exploring the various options that can help you achieve your housing goals. There are professionals who can provide guidance and support tailored to your specific circumstances. If you’re curious about what possibilities are available to you, we encourage you to reach out and give us a call.
