Spring Homebuying Season

Analysts Anticipate A “Quieter” Spring Buying Season

Posted on by TMN Editor
Inventory and rate pressures are creating conditions for a “quieter” spring homebuying season. That’s according to HouseCanary’s March Market Pulse Report, which found that while inventory is up 12.6% YOY, total stock remains historically low. In March, net new listings slipped 4.4% YOY. For the entire last 52 weeks, net new listings were down 12.4%. HouseCanary says the decrease in net new listings was driven by a 2.5% drop in new listing volume, plus a 7% increase in removals compared to March 2023. “Over the past month, net new listings and contract volumes have continued to trend at multi-year seasonal lows. The interest rate shock is the biggest factor responsible for sustaining inventory scarcity,” said Jeremy Sicklick, Co-Founder and CEO…

Rate Locks Exploded In March

Posted on by TMN Editor
Home shoppers following rates closely jumped on retreating rates in March, giving the spring buying season a boost. Black Knight’s March 2023 Originations Monitor showed that rate lock dollar volume exploded in March, up 43%, as rates retreated due to economic uncertainty. Lock volumes rose in all categories. Purchase locks were up 44% month-over-month, significantly higher than its average of 30% across the last five years. “This continues to be an incredibly rate-sensitive housing market, and March’s rate lock activity perfectly illustrates this dynamic,” said Andy Walden, vice president of enterprise research at Black Knight.  He explained that rates were inching up at the beginning of the month, but came down later in March due to banking sector turmoil. “The…