There is growing weakness in some pockets of the Southwest and Southeast, particularly in Gulf markets and Florida. Time spent on the market is defined as the time between the initial listing of a property and either its closing date or the date it is taken off the market. Regionally, there is much greater weakness around the Gulf, including much of Florida, while many markets in the Midwest, Northeast, and SoCal still have much fewer days on market.
Median days on market
by metro area
Active housing inventory
or sale compared to
pre-pandemic levels
When assessing home price momentum, it’s important to monitor active listings and months of supply. If active listings start to rapidly increase as homes remain on the market for longer periods, it may indicate potential future pricing weakness. Many parts of the Gulf Coast, including Tampa and New Orleans, and the Mountain West have ticked back above pre-pandemic inventory levels.
Mortgage Rates
Dip to Lowest Levei
Since February
Mortgage rates declined to their lowest level since early February. Expectations of a Fed rate cut coupled with signs of cooling inflation bode well for the market, but apprehension in consumer confidence may prevent an immediate uptick as affordability challenges remain top of mind. Despite this, a recent moderation in home price growth and increases in housing inventory are a welcoming sign for potential homebuyers.
