“Weakening home price growth for the past 12 months is increasing the odds that we may not see a new home price peak this year, for the first time in the history of our listing data, which dates back to mid-2016, and this is likely welcome news to homeshoppers," said Danielle Hale, Chief Economist for Realtor.com.
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The “lock-in” effect is in full swing as the lack of sellers is impacting not just inventory but affordability as well.
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"The number of homes for sale on the market is up significantly from a year ago, even though fewer homeowners have listed their home for sale in recent months,” said Danielle Hale, Chief Economist for Realtor.com.
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A consistent decline in mortgage rates has attracted the attention of buyers and those seeking refis, as the MBA reports a rise in mortgage apps in excess of 7% week-over-week.
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