Market Trends

The MBA reports that overall mortgage application volume rose this week, jumping after a week of declines, as fixed-rates continued to slide toward the 6% mark.

Over the last decade, an average of 2,971 single-family homes were completed every day compared to the 3,513 permits issued daily.

According to a new Zillow survey, Gen Z pet owners reported they would prefer to move if their home was no longer a good fit for their pet than if it was no longer working for their partner, while 55% of respondents said it was more important to have a pet-friendly home than a kid-friendly home.

As homebuyers' perception of the economy and affordability continue to worsen, nearly 40% of Americans planning to buy their first home in 2023 revealed now is a good time to buy, as many continue to search for homes and save for downpayments.

“With the spring buying season underway, lenders are grappling with the threat of a recession and tighter overall financial conditions following the recent bank failures,” said Joel Kan, MBA’s VP and Deputy Chief Economist.

Rate lock dollar volumes jumped 43% month-over-month in March, driven by seasonal tailwinds, falling interest rates, and stronger purchase market performance, according to Black Knight.

“It appears that we have turned the corner from overall slight annual forecast depreciation one quarter ago to an overall flat forecast now,” said Eric Fox, Chief Economist at Veros.

As many seniors expressed worry about high interest rates, some 90% said they still want to age in place, but a new Point study revealed mounting costs for home improvements may be necessary in order to stay put.

According to NAR, 48% of seller agents reported that staging a home not only decreased a property’s time on the market, but also increased the dollar value offered by between 1% and 5% compared to similar homes on the market that were not staged.

"The lack of new listings is also one reason why sales are down: Buyers can’t buy if sellers don’t want to sell,” said Redfin Deputy Chief Economist Taylor Marr.