Would you believe that back in February, there were more licensed Realtors across the nation than there were homes for sale?
It’s true: We had just a two-month supply of homes, and existing home sales fell 6.6% compared to January.
What does this mean now that spring is in full bloom?
We’re still feeling a carryover effect from the harsh winter many people in the Midwest and Northeast had to endure, as inventory remains low nationwide. This low inventory caused the median home price in March to increase 16% year over year to $313,000.
At the same time, interest rates have slowly ticked upward. According to Freddie Mac, the average rate on a 30-year fixed-rate mortgage was 3.17% near the end of March—the highest level since June 2020.
Home sales usually dip in the winter before climbing in the spring as families try to settle in before starting a new school year, but some would-be sellers are staying put because these increases have reduced their ability to buy their next homes.
Since finding and buying a home is such a challenge, sales lagged a bit at the start of spring, and a slowdown in growth is possible in the coming months.
However, according to the Mortgage Bankers Association’s tracking of mortgage applications, demand remains quite strong. To quote Mike Fratantoni, senior vice president and chief economist at the Mortgage Bankers Association: "This is being driven by an improving job market and strong demand from first-time homebuyers, as well as mortgage rates—which remain quite low from a historical perspective, even with the recent increases."
What does this mean for you?
You still have every right to feel confident in selling quickly and for top dollar this spring. Here are two more statistics from February you might be interested in, courtesy of Redfin:
• Asking prices of newly listed homes hit an all-time high of $347,475
• Over half (55%) of homes that went under contract did so within their first two weeks on the market
If you’re thinking of selling your home this year and taking advantage of this wonderful opportunity, follow this link to instantly calculate your home’s value in today’s market based on recent Pennslyvania sales:
If you have any questions about potentially selling your home, feel free to give us a call at 484-588-5000 anytime. We're talking to both buyers and sellers around Pennslyvania every day, and we can help you make the right decision for you and your family.
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