The housing market is showing signs of movement despite mortgage rates remaining stuck just below 7%.
While rates have been in a narrow range, the number of homes on the market has increased, leading to three consecutive months of rising home sales.
Lawrence Yun, chief economist for the National Association of Realtors, joins Wealth to discuss the housing market amid these rates.
“The interesting development is that we are beginning to see more homes on the market,” Yun says. “Inventory levels in the autumn of last year and in January [rose] above what it was one year ago, and consequently, we have had three straight months of rising home sales despite no movement in mortgage rate or even higher mortgage rate conditions.”
He thinks this indicates consumers “want to see more choices out there.”
Yun also anticipates a stronger market in 2025, with more listings expected in the spring. The growing inventory and increased buyer activity are set to benefit both the new and existing home markets.
To watch more expert insights and analysis on the latest market action, check out more Wealth here.
https://finance.yahoo.com/videos/series/wealth/
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