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ON THE REAL ESTATE FRONT
With so much happening in the economy, it's natural to wonder how these changes may affect the real estate market. This month, I'd like to share key market highlights, current challenges, and insights from industry experts to help Buyers and Sellers better understand today's opportunities.
While home prices remain strong, the pace of appreciation has begun to moderate in some markets—a welcome development for Buyers seeking greater affordability and negotiating power.
Inventory levels have improved compared to recent years, giving Buyers more options to consider. However, inventory remains relatively tight by historical standards, which continues to support favorable conditions for Sellers.
Mortgage rates have risen, yet buyer activity remains resilient. In fact, home showings continue to increase, signaling that many Buyers are still actively searching for the right property.
Looking ahead, National Association of Realtors Chief Economist Lawrence Yun notes that buyer demand could strengthen even further if mortgage rates decline. As he recently observed, buyer demand "will easily be even higher once mortgage rates retreat to the levels they were at earlier this year."
Whether you're considering selling your current home, purchasing a new one, or simply exploring your options, I am here to help you navigate the market with confidence and make informed real estate decisions that align with your goals.
CURRENT MORTGAGE RATES AS OF JUNE 4th [US News and World Reports]:
- 30-year Fixed Conventional 6.604 % with no discount points [last month 6.25-6.50%]
- 30-year Fixed F.H.A. - 5.99% with no discount points [last month 5.625-5.875%]
- V.A. - 5.811%
MARKET HIGHLIGHTS
Below, please find national real estate housing data and infographics from the National Association of Realtors. Keep reading to view the summary for the Louisiana market and in particular, St. Tammany and Tangipahoa Parishes.
We think you'll be most interested in what is happening here, but it helps to be aware of national market trends.
Please keep in mind that on the national level, data lags one month behind.
National Snapshot for the Month of April:
- Pending Sales - increased +1.5% month-over-month [while in the regional South they increased +3.9%]
- Existing Home Sales - increased by +1.5% - month over month
- Home Prices - increased +1.4% - year over year
Ongoing Challenges:
- Sellers Frozen Into Outgrown Homes Due to Low Interest Rate Lock-In
- Economic Uncertainty
- Sellers Delisting Homes
The month of April continued to be a Buyer's Market with 4.4 months of Inventory.
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