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U.S. Homes for Sale Reach Four-Year High!
U.S. Homes for Sale Reach Four-Year High! 旧金山
By   Internet
  • 都市报
  • Mortgage Rates
  • Homes for Sale
  • Real Estate Market
  • Housing Prices
Abstract: Recently, with a decline in mortgage rates, the U.S. real estate market has seen the highest number of homes for sale in four years.

According to data from Freddie Mac, the average rate for a 30-year fixed mortgage dropped from 7.09% to 7.02% during the week ending May 16, 2024. Freddie Mac's Chief Economist, Sam Khater, noted that the two-week decline in mortgage rates was primarily due to a slight easing in inflation and a decrease in the yield on 10-year U.S. Treasury bonds. Although the reduction in rates is modest, it could provide potential homebuyers with a larger budget.


However, with mortgage rates fluctuating between 6% and 7%, the impact of this week's rate change on the market remains unclear. Realtor.com® economist Jiayi Xu pointed out that mortgage rates stubbornly remain close to 7%, and further decreases would require sustained positive inflation data.


Realtor.com Senior Economic Research Analyst Hannah Jones highlighted in her latest analysis that the number of homes for sale last week reached the highest level since August 2020, marking a significant milestone. With recent strong listing activity, buyers now have the most homes to choose from in nearly four years.


U.S. Homes for Sale Reach Four-Year High!

realtor.com


The influx of homes on the market could attract more buyers and sellers, even amid higher mortgage rates. Despite persistently high rates, market activity has increased. Economists believe that if rates continue to decline in the coming months, the market might experience a more pronounced recovery.


Although the Federal Reserve had promised to lower key interest rates in 2024, it has not yet taken action due to consistently strong economic reports. This week's report showed that the inflation rate fell from 3.5% in March to 3.4% in April. Jones suggested that the improvement in the Consumer Price Index (CPI) inflation data could positively impact mortgage rates, and these positive trends might soon reflect in mortgage rates.


Facing high mortgage rates, some buyers are opting to increase their down payments to reduce loan sizes and, consequently, their housing payments. According to recent data, buyers who have faced a scarcity of listings for years now have more options. As of May 11, 2024, the total number of homes for sale increased by 35% compared to last year, remaining higher than the previous year's level for 27 consecutive weeks.


In the week ending May 11, the median home price remained unchanged at $430,000. The significant number of homes priced between $200,000 and $350,000 could help lower the median listing price. Although the speed of home sales has slowed slightly compared to last year, it remains faster than pre-pandemic levels. Jones noted that improving mortgage rates might draw back many buyers, increasing competition and accelerating the sales pace.

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U.S. Homes for Sale Reach Four-Year High!
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