Spring has not sprung, mainly because new listings have failed to bloom. Existing home sales
dropped for the 2nd-straight month, but the speed of sales and the level of competition (multiple
offers) keeps rising!
And that's why home prices are moving higher in most markets.
AGAIN: We Need More Homes For Sale!
Here are "Talking Points" for real estate:
Here’s what the NAHB’s Chief Economist, Robert Dietz, had to say: “Lack of
existing inventory continues to drive buyers to new construction.
In March, 33% of homes listed for sale were new homes in various stages of
construction.
That share from 2000–2019 was a 12.7% average.
With limited available housing inventory, new construction will continue to be
a significant part of prospective buyers’ search in the quarters ahead.”
Regarding the Mortgage Rate Market: Headline inflation (CPI) is half of what it
was, and the economy is clearly slowing in many areas, but average 30-year mortgage
rates are refusing to stay below 6.5%.
We’re back around 6.75%.
If you are not certain if you should sell, buy or just stay put, give me a call and let’s see just what
may be right for you.
Mary Cockburn
505-639-2090
MaryCockburn.Realtor@gmail.com
