Summary
The U.S. housing market had significantly more sellers than buyers last month, marking it as a buyer’s market. Despite this, many Americans still face rising home prices and economic challenges, influenced by changing mortgage rates and global events.
Key Facts
- There were about 630,000 more sellers than buyers in the U.S. housing market last month.
- This is the largest gap since records began in 2013, indicating a buyer's market.
- A market is considered a buyer’s when there are more than 10% more sellers than buyers.
- The national average 30-year fixed-rate mortgage was 6.22% as of March 19.
- Home prices are still rising, with a median price of $429,226, a 0.9% increase over the previous year.
- Some areas, like Miami and Nashville, saw over 100% more sellers than buyers.
- In contrast, places like Newark, NJ, had more buyers than sellers.
- The ongoing conflict in the Middle East contributes to economic uncertainty affecting buying decisions.
