High mortgage rates Continuing to hamper the housing market, causing the largest annual decline in home prices in a decade, according to the real estate brokerage Redfin Wednesday.
March saw the median home sale price in the US drop 3.3% to $400,528, making it the largest annual drop since 2012. A lack of home buyers in many markets was behind this downturn in cities. Once real estate booms like Boise, Idaho, and Austin. , Texas, and Sacramento, California. That lull led to 28.5% of US homes selling for more than their list price in March, about half of the 54.1% increase from a year ago, according to Redfin.
“This spring’s home buying season has been lackluster,” said Darrell Fairweather, chief economist at Redfin. “There is some sign of the usual seasonal uptick—homes are selling faster than in the winter—but that’s partly because there are so few new listings. We usually see homebuyers come in droves this time of year, which doesn’t happen.” .
Prices 30 years And 10 years of mortgage remain higher than in recent years The Federal Reserve continued to raise interest rates in march l Anti-inflation. Rising interest has led to fewer buyers as well as fewer sellers listing their homes, causing pending home sales to drop to 26.6% on a seasonally adjusted basis, the lowest level since the start of the pandemic.
Is now the right time to buy a home?
Affordability remains a major hurdle for potential homebuyers. average rates hovering around 7%. Lower home prices can make buying a home a little easier, but mortgage rates still hold the key to improving affordability. Experts predict that mortgage rates will remain high for the time being, making monthly mortgage payments more expensive.
Although locking in a low home price may seem tempting, it’s still important to shop around to make sure you can secure the lowest possible mortgage rate. Take steps like Work on your credit scoreshopping for various mortgage lenders and Saving for a down payment It can increase your odds of qualifying for the lowest available price.
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