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National real estate experts are starting to use the word "balanced" for the first time in years. Despite international economic jitters, early April data shows that the U.S. housing market is on much better footing than it was exactly one year ago.
Key national trends:
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Affordability Gains: Year-over-year affordability has improved in 99 of the 100 largest U.S. markets, thanks to stagnant price growth and slightly better borrowing conditions.
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Payment Relief: The typical U.S. monthly mortgage payment is now $1,789, which is 4.4% lower than it was at this time last year.
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Inventory Growth: Active listings nationwide are up 8% year-over-year, providing buyers with more breathing room than during the post-pandemic frenzy.
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The "Boomer Lock": Despite more inventory, 80% of Baby Boomers report they have no plans to sell, meaning larger "forever homes" remain largely locked out of the market.
MY TAKE
The "Great Lock-In" is slowly thawing. While many owners are still clinging to their 3% rates, the 4.4% drop in typical monthly payments is a "noteworthy improvement" that is bringing sidelined buyers back to the table. We aren't in a buyer's market yet, but the frantic bidding wars of the past are being replaced by more traditional negotiations. It’s a healthier environment for everyone involved.
Until Next Week,
Ken
P.S. Would you like to know EXACTLY what is happening in your Zip Code? Simply email me with your Zip Code in the subject line and I'll send you the 12-month price forecast specifically for YOUR Zip Code. Ken@KenHallProperties.com.
P.P.S. If you're looking to buy a home in the next few months, you'll want to check out my book, 'YOUR STEP BY STEP GUIDE TO BUYING A HOME.' You can find the digital version here, www.KensBuyingSecrets.com.
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