APRIL 25, 2024, EDITION

Sales of pre-owned homes took a breather in March after February booked the largest monthly gain in a year. But March also saw a more than 14% rise in inventories over last year, giving buyers more choices.

Builders started almost 15% fewer homes in March. But this followed February's big surge. Starts are still above where they were last August, and single-family starts are up more than 21% in the past year.

There was a small monthly dip in March building permits overall, but permits for single-family homes are up more than 17% versus last year. A new survey showed most builders have a positive outlook for 2024.

Last week, the total inventory of homes for sale was almost 30% higher than a year ago. It was the 23rd week in a row there were more listings compared to the prior year, as buyers continue to see a wider selection of homes.

In March, listings of homes priced from $200,000 to $350,000 were up more than 30% versus last year. Plus, the median square footage of new homes is the lowest since 2010, as builders work to provide more affordable options.

Mortgage giant Fannie Mae reports consumer views on home buying and selling were on the uptick in March: "Both our 'good time to buy' and 'good time to sell' measures continued their slow upward drift."

DID YOU KNOW?... A recent study found the reasons most frequently cited by homeowners planning to sell were: 1) to make a profit; 2) lifestyle changes; 3) more space; and 4) to downsize.

The national average 30-year fixed mortgage rate showed little movement in Freddie Mac's latest Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information. 

The data is showing home prices aren't falling, they're just rising at a slower pace. So, waiting to buy because you think prices might drop could wind up costing you more money than you would have spent now!

Home equity is the difference between what you sell your home for and the amount you owe on your mortgage. Rising home values have greatly increased home equity for many homeowners. We can help you find out how much equity you have and how it can help with buying your next home.