💥Mortgage applications are down 11% from the same week last year.
💥Nationally, the pending home sales index of signed contracts on existing homes has fallen for the 5th week in a row. (This is a relational number of pending contracts on active properties. Pending listings have declined at a faster pace than active listings, basically meaning homes are taking longer to go from active to pending.)
💥New home sales numbers have fallen for the 3rd straight month even though new home starts is at an all time high.
💥Corporate earnings reports came in mixed and a negative GDP annual rate growth number was released.
💥Mortgage rates continue to climb to the tune of a 20% reduction in the buying power of a dollar, over the course of Q1.
💥What does all this mean??!! Maybe it’s a seasonal adjustment, but it’s likely the “coming back to sea level” of the market that many of us have been talking about. It’s not a crash…I repeat, it’s NOT a crash! 😂 It means that the market is complicated and unpredictable but still mostly stable.
💥It also means if you hadn’t already made a decision to sell, your highest gains may already be in the rear view mirror but it is still very much a seller’s market. Locally we are still seeing prices increase, but leading indicators such as showings and # of offers are starting to come down.
💥If you’re buying, the frenzy is starting to ease (still competing for homes but less competition than we saw earlier in the year) and home prices may start to level out or come down, but you missed out on low rates - it’s a wash for you more than likely.
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