National news and local views for the week ending Friday, April 7, 2023
I just wanted to give a quick market update heading into this Easter weekend. The real estate market is still good! The biggest hurdle right now is lack of inventory. Buyers are struggling to find homes to buy which is keeping prices inflated as interest rates start to drop.
National Real Estate News
Mortgage rates drop
Average 30-yr, fixed-rate mortgages dropped by nearly half a percentage point this week as the market digested a series of softer job reports and (slightly) lower PCE inflation. The last time mortgage rates were this low (in January 2023), pending sales surged. That’s great timing for buyers as the spring selling season gets underway.
Need more new listings!
Spring is here, but it’s been a slower one for sellers so far. There were just 954,000 new listings in the first quarter of 2023 (Jan+Feb+Mar), which was 16% below 1Q 2022 and 27% below its average of 1.3 million during the first quarters of 2017-2019. Would-be sellers may feel “locked in” by low mortgage rates, but it is still a great time to sell with home prices up ~40% nationwide since end-2019.
Home prices edge up
Demand recovering + inventory not keeping pace = home price support. Black Knight’s Home Price Index rose 0.16% MoM in February. A small increase, but a big deal because the HPI had declined for 7 months straight. 39 of the country’s 50 largest cities saw a MoM increase in home prices. Of the 11 that saw a MoM decline, all but 3 were in cities west of the Rockies.
Local Market Trends
As of Friday, April 7, 2023
Inventory is still low which is keeping home prices inflated! Currently as of today (4/7/23) there are 167 homes for sale in Muskegon County. Homes priced between $100K and $250K have an inventory of 60 homes in Muskegon County. If you’re considering selling your home give me a call today!
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Local Market Trends (/) from Mar. to Apr. 2023.
Nexes Realty Inc
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Muskegon, Mi 49441
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