Homebuyers could soon catch a break in this hot seller’s market. Sellers lowered prices and housing inventory grew after the average 30 year, fixed-rate mortgage passed 5% last week.
Specifically, for the four weeks ending April 3rd, sellers dropped their asking prices about 12% on new homes. Based on recent data, that’s an increase of 9% compared to this time last year. New listing also rose 8% year over year after four repeated weeks of declines. Demand still outstrips supply, but it’s good to know there may be a silver lining in rising rates.
For more information, contact Penny at (206) 618-5123 or email me at Penny@TheOriginalPenny.com.
* CNBC.com
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