MAY 1, 2025, EDITION

Sales of new single-family homes shot up over 7% in March and are now 6% ahead of a year ago. Good news for buyers—the median sales price is down more than 7% the past year—and more than 12% below its October 2022 peak.

Housing Starts slowed in March as builders focused on completing projects. But Building Permits for future projects increased in March over February and were issued at almost the same rate as last year.

Sales of pre-owned homes fell in March and are down about 2% from a year ago. But sales of homes at $500,000 and above are up the past year, while sales of homes below that are flat or falling. 

Realtor.com discovered that 70% of sellers think it's a good time to sell. 81% expect to get their asking price or more, 75% think they'll sell in the average time or less, and 63% don't expect to make significant concessions.

Zillow reports inventory is steadily rising, tracking closely to normal seasonal trends. In March, sellers put more than 375,000 homes on the market, almost 20% more than last year, taking inventory to the highest level in five years.

One data firm found condominiums saw a year-over-year price drop in March, their first decline in a decade, as "95% of U.S. markets have experienced at least slight improvements in affordability compared to a year ago."

DID YOU KNOW?... The National Association of Realtors revealed that 81% of agents say staging improves buyer visualization, and that staged homed generate more interest, sell faster, and tend to get stronger offers.

Freddie Mac's weekly Primary Mortgage Market Survey reported the national average 30-year fixed mortgage rate decreased, staying well below its year-ago level. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information. 

Don’t skip the home inspection. It helps you avoid unpleasant surprises, gives your negotiating power depending on what the inspection discovers, and provides you with peace of mind, so you can complete your purchase with confidence.

There are more listings now, so it should be easier to find your next home, yet there aren’t so many listings that it's harder to sell your current abode. However, inventory is forecast to grow as the year goes on. So, don’t wait too long to list, or you could wind up struggling to sell.