Open house visitor numbers have surged, new listings coming on market are rising, the pipeline of coming listings is filling up faster than last year, and the number of homes going into contract is expected to climb rapidly as the market wakes up. With dramatic improvements since October in interest rates, stock markets and consumer confidence, both buyers and sellers are re-engaging to a much greater degree, and the velocity of the market is accelerating.
Mortgage rates have been stable for nearly two months, but with continued deceleration in inflation, rates are expected to decline further. The economy continues to outperform due to solid job and income growth, while household formation is increasing at rates above pre-pandemic levels. These favorable factors should provide strong fundamental support to the market in the months ahead. FHLMC (Freddie Mac)
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