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Pending Home Sales Are Slowing, but Experts Say the Market Is Turning a Corner

Pro Builder

Contract signings increased in three U.S. Still, housing experts say a volatile real estate market may be rounding a corner after contracting at the close of 2022. After nearly a year, the housing sector’s contraction is coming to an end,” he said in a statement Wednesday. regions but were down 21.1% from February 2022.

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Mortgage Rates Are Falling, but a Housing Shortage Is Squashing Demand

Pro Builder

Read more Market Data + Trends Financing Market Data + Trends After four weeks of increasing purchase application activity, volume declined a bit this week even with another small drop in mortgage rates,” said Mike Fratantoni, MBA’s chief economist.

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As Interest Rates Fall, Mortgage Demand Jumps 28% In One Week

Pro Builder

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $726,200 or less fell from 6.42% to 6.23% last week, with points falling to 0.67 The market, however, is not seeing any surge in inventory. Financing. for loans with a 20% down payment. Affordability. New-Home Sales.

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New-Home Sales Drive Mortgage Demand Despite Rising Rates

Pro Builder

Existing-home sales continued to be held back by a lack of for-sale inventory as many potential sellers are holding on to their lower-rate mortgages.” Read more Financing New-Home Sales New-Home Sales

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February Listings Received an Average of Four Offers

Pro Builder

For housing inventory to meet demand, which would mean a six month supply, an additional 2.7 In the West region, homes priced at $250,000 to $750,0000 were typically under contract in 8 days. In the South, properties in the $250,000 to $750,000 price range were typically under contract in about two weeks. Financing.

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Homebuyer Demand Is Rising, but Sellers Are Slow to Respond

Pro Builder

Homes went under contract after a median span of 17 days in February, and while that’s more time than in 2022 and 2021, it’s significantly less than before the pandemic, Forbes reports. Extremely low inventory means that when attractive, well-priced houses do come on the market, they are readily finding buyers.

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Is This the End of Low Mortgage Rates?

Pro Builder

The average contract interest rate for a 30-year fixed-rate mortgage with conforming loan balances of $510,400 or less also increased from 2.88% to 2.92%, according to CNBC. The biggest hurdles for homebuyers right now are high prices and record-low inventory of homes for sale. Financing. Is This the End of Low Mortgage Rates?

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