Spring is in the Air!

April 23, 2024

By Isabel Guzman, Realtor®

Video Transcription

With Spring officially in the air, what is the latest national housing news? Hi, I'm Isabel Guzman Broker Associate and Realtor with EXP. As Spring approaches with warmer weather and longer days, more homes are hitting the market. This means there is more inventory for buyers. According to Redfin News, new listings rose 10% year over year ending in February, the biggest increase in two months. We are also seeing prices remain high up 6%, the biggest increase since October 2022.

However with all this new inventory and appreciation in home value, we are still seeing some buyers sitting on the sidelines. The buyers that are actively shopping are looking for homes that are ready without a laundry list of repairs and sellers continue to offer concessions to help buyers with closing costs. According to the National Association of Realtors chief economist Lawrence Yun, homebuyers are taking advantage of lower mortgage rates compared to this time last year. We are starting to see multiple offers again in some areas with many homes sold in 30 days. Of course, we all know the housing market is volatile and ever changing so while the market is moving in the right direction, nationally we are still trying to work out some of the kinks from 2023. If you would like more information on housing data in your local market area, give us a jingle as we are happy to help. I'm Isabel,