More than 556,000 single-family homes were available for sale nationwide as of last Friday, according to the latest data from Altos Research. That puts the national inventory up 31.9% year-over-year, extending a 24-week streak of year-over-year increases. Listings are still a fraction of their pre-Covid levels despite the strong year-over-year growth. But Texas and Florida are making national listing growth appear rosier than it otherwise would. Active listing growth is highly concentrated in just Texas and Florida.
Source: Housing Wire
Share of National Listings
Year over Year Change
in Active Listings by GEO Group
Mortgage Rates
Increase Again
at a Key Moment
for the Housing Market
The 30-year fixed-rate mortgage increased for the fifth consecutive week as we enter the heart of Spring Homebuying Season. On average, more than one-third of home sales for the entire year occur between March and June. With two months left of this historically busy period, potential homebuyers will likely not see relief from rising rates anytime soon. However, many seem to have acclimated to these higher rates, as demonstrated by the recently released pending home sales data coming in at the highest level in a year.
