Seems like only a few months ago that there were a record-low number of homes listed for sale. Sellers saw multiple offers at top dollar. But we know that’s flipped and now listings are sitting a little longer. Buyers are more reticent to take the plunge, and concessions are growing larger.
Today’s Pending Home Sales report shows a 2.3% month-over-month decrease in homes under contract, which were already down 5.4% last month. Now that’s nationwide, but I do feel the same trend occurring here at home.
Technically, the 10 Year Treasury note is only a few hairs away from 4.75%. We’ve touched that line a couple times in the last 30 days, but it hasn’t been crossed since January ‘25. Tomorrow we’ll see the minutes from the last Fed meeting, which may catapult rates one way or the other. Obviously financing does impact housing and here’s to hoping that tomorrow’s a brighter day!
