Key notes-
- Months Supply of Inventory in Single Family Homes and Townhouse/Condos have both increased significantly. If looking for properties, you now have more inventory now compared to the past year to browse and less competition.
- We are also seeing Days on Market Until Sale increase in both of these categories giving buyers more time to consider properties.
- Overall, listings have decreased this month, but we expect this to pick up the closer we move to Spring.
U.S. Market Recap
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Mortgage rates trended higher in the beginning of last week as the banking drama cooled off and bond demand stabilized. Home price appreciation was higher than expected in January. Mortgage application submissions ticked up. Pending home sales surprisingly increased. Jobless claims inched higher. The Q4 GDP estimate slipped slightly. Inflation on the PCE index was lower than expected in February, as was consumer spending. Personal income surpassed expectations.