What will the summer housing market look like for buyers?
Here are four signals I’m watching right now.
📊 Mortgage Rates
Freddie Mac shows the average 30-year mortgage around 6.11%. Buyers appear to be adjusting to rates in this range.
📉 The 10-Year Treasury
Mortgage rates follow the 10-year Treasury closely. It currently sits around 4.27%, which helps explain why mortgage rates remain in the low-6% range.
📈 Mortgage Purchase Applications
Applications have been trending higher recently, which suggests buyers may be re-entering the market ahead of the spring and summer season.
🏡 Phoenix Inventory
Local inventory in Maricopa County has been gradually rising, which could create more choices for buyers compared with the tight conditions of the past few years.
So what happens this summer?
If rates stay near 6% and inventory continues rising, we may see a more balanced housing market than we’ve had in several years.
I’m curious what others are seeing.
Are buyers adjusting to the current rate environment, or are they still waiting for lower rates?
Robert Foreman
Founder | NhanceData
Data Analytics for Real Estate, Finance, and Market Intelligence
NhanceData.com
robert@nhancedata.com
480-415-0783