This week’s housing update brings a mix of news — some expected, some surprising — but all important if you’re keeping an eye on the market.
Mixed Signals Across the Market
Political headlines once again created some volatility in mortgage markets, but the bigger picture? Rates ended the week slightly lower. Economic data had only a minor impact as well, keeping the focus on housing trends.
Existing Home Sales: Slower Pace, Higher Prices
In March, existing home sales dropped 6% compared to February — the slowest pace for March since 2009. However, prices continued to climb. The median price for an existing home hit $403,700, up 3% from a year ago and setting a new record high for March.
Inventory remains low at just a 4.0-month supply nationwide — still well below the 6-month supply that’s considered balanced — but there’s a silver lining: inventory levels are 20% higher than this time last year.
New Home Sales: A Bright Spot
While existing home sales slowed, new home sales surprised to the upside. Sales of new homes rose 7% in March, outperforming expectations. Even better news for buyers? The median price for new homes dropped 8% compared to last year, now sitting at $403,600.
The supply of new homes is also at its highest level since 2007, giving buyers a few more options to choose from in today’s competitive market.
Home Building: Slower Than Expected
Builders hit a few roadblocks in March. Housing starts fell 11% from February, with single-family starts down 14% — the lowest since July 2024.
Single-family building permits dipped slightly as well. Despite a surprise uptick in builder sentiment (according to the NAHB survey), concerns over tariffs and rising construction costs remain big hurdles.
Mortgage Applications: Feeling the Pressure
Mortgage applications took a hit this week, according to the Mortgage Bankers Association (MBA).
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Refinance applications fell 20% from the previous week, though they're still up 43% compared to a year ago.
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Purchase applications dropped 7% week-over-week but remain slightly higher year-over-year.
Final Thoughts
Navigating today’s real estate market takes more than just following headlines — it takes the right strategy and the right partner. Whether you're buying, selling, or just starting to explore your options, I'm here as your Real Estate Authority — providing expert advice, clear guidance, and a plan that’s truly on your side.
📞 Call me today to talk about your goals and how we can make the market work for you!
