House Hunters Leave The Sidelines

The latest consumer price index (CPI) report suggests that the worst of inflation is behind us. This suggests that the Federal Reserve may continue to ease 2023 interest rate increases, causing mortgage rates to decline.

Shifts in the housing market area also suggest that the housing market is becoming more favorable to buyers. Homes are remaining on the market for up to 44 days, according to recent data – the longest period since April 2020. In addition, pending home sales were down 32% compared to the same timeframe in 2016. More buyer-friendly data: the median home sale price rose only 0.8% year over year at $351,250, down 10% from June 2022's peak.

This may bring back homebuyers in the coming months, especially since Google searches for "homes for sale" are now up almost 50% compared to November 2022.

Source: The M Report

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.