As the spring selling season picks up, the housing market appears to be loosening and rebalancing. In March, the number of homes for sale rose for the 17th consecutive month, and the number of new home listings was the highest March level in three years. Sellers are slowly returning to the market even as mortgage rates remain elevated.
However, homebuyers are taking their time as there were fewer homes under contract in March compared to March 2024. Home prices are holding steady, but more sellers are adjusting their asking prices to meet what buyers can afford.
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