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US Housing Market Shows Signs of Recovery Amid Mortgage Rate Shifts and Inventory Challenges
- 2025/03/25
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The US housing market has shown signs of improvement in recent days, with existing home sales rising 4.2% in February to a seasonally adjusted annual rate of 4.26 million units. This increase comes after months of sluggish activity due to high mortgage rates. However, sales remain 1.2% lower than a year ago.
The median existing-home price rose to $398,400 in February, up 5.7% from last year. This marks the eighth consecutive month of year-over-year price increases, reflecting ongoing inventory shortages in many markets.
New home sales data for February is set to be released later today, with economists expecting a slight increase from January's annual rate of 657,000 units. The new home market has been somewhat more resilient than existing homes due to incentives offered by builders.
Mortgage rates have eased slightly in the past week, with the average 30-year fixed rate falling to 6.76% according to Freddie Mac. This decline may help boost buyer activity heading into the spring selling season.
Inventory remains a key constraint, with total housing inventory at the end of February at 1.07 million units, up 5.9% from January but still 5.3% lower than one year ago. This represents a 3.0-month supply at the current sales pace.
In response to market conditions, some homebuilders are adjusting their strategies. For example, Lennar Corp recently reported better-than-expected quarterly results, citing its focus on affordable homes and build-to-rent properties.
Regionally, existing home sales increased in the Northeast, Midwest, and South but decreased in the West compared to January. The National Association of Realtors notes that sales in lower-priced and more affordable regions are outperforming expensive markets.
Looking ahead, industry experts anticipate gradual improvement in housing market activity as mortgage rates stabilize and more inventory comes online. However, affordability challenges persist for many potential buyers, particularly first-time homeowners.
The median existing-home price rose to $398,400 in February, up 5.7% from last year. This marks the eighth consecutive month of year-over-year price increases, reflecting ongoing inventory shortages in many markets.
New home sales data for February is set to be released later today, with economists expecting a slight increase from January's annual rate of 657,000 units. The new home market has been somewhat more resilient than existing homes due to incentives offered by builders.
Mortgage rates have eased slightly in the past week, with the average 30-year fixed rate falling to 6.76% according to Freddie Mac. This decline may help boost buyer activity heading into the spring selling season.
Inventory remains a key constraint, with total housing inventory at the end of February at 1.07 million units, up 5.9% from January but still 5.3% lower than one year ago. This represents a 3.0-month supply at the current sales pace.
In response to market conditions, some homebuilders are adjusting their strategies. For example, Lennar Corp recently reported better-than-expected quarterly results, citing its focus on affordable homes and build-to-rent properties.
Regionally, existing home sales increased in the Northeast, Midwest, and South but decreased in the West compared to January. The National Association of Realtors notes that sales in lower-priced and more affordable regions are outperforming expensive markets.
Looking ahead, industry experts anticipate gradual improvement in housing market activity as mortgage rates stabilize and more inventory comes online. However, affordability challenges persist for many potential buyers, particularly first-time homeowners.