April Housing Data Still Looking Strong

The April housing data report came out, and it continues to show strong numbers. But some of what we have been talking about is indeed starting to happen. Here’s what you need to know:

Year Over Year Inventory is Higher

For example, we can see that year-over-year inventory has grown significantly. Remember that we are coming from literal record lows last year. Now inventory is up in some cases showing 100% growth, which means there are about twice as many listings available as last year.

We are still seeing listing times well under 30 days, showing that homes are moving fast once they are on the market. The trends are telling us that there is more inventory (which we knew would happen), and it’s being met with a bit less demand (because interest rates are higher). It makes sense and some people are sitting on the sidelines right now.

Nonetheless, there are still significantly more buyers than there are homes to buy. The same trends are continuing to happen which means that it’s still a seller’s market. If interest rates continue to ride, then it could drive more people out of the market. We’ll see what happens.

Will Higher Rates Change the Market?

There is certainly a point where we are continuing to see higher rates, but it’s not enough to drive people out of the market yet. Keep in mind that these April closings are reflecting March deals, which had higher interest rates than we were seeing last year.

Another data point shows that houses are still selling above listing price. It’s another sign that says the demand is still strong because there aren’t enough houses for all of the buyers.

Check Back for Ongoing Updates

I’ll continue paying close attention and keep you updated, as always. For now, from a housing perspective, it looks like we are in pretty good shape. If you are interested in jumping into homeownership or refinancing your current home, then reach out to me so I can help you find the best options.