US Housing Market Shows Signs of Cooling: Mortgage Rates Drop, Inventory Climbs in April

About this episode

The episode discusses the recent cooling signs in the US housing market, including drops in mortgage rates and increases in inventory.

Over the past 48 hours, the US housing market shows tentative signs of easing amid high rates and inventory gains. Mortgage rates for 30-year fixed loans dropped to 6.02 percent as of April 20, down from 6.30 percent the prior week, per Freddie Mac and Zillow data, offering slight spring relief to buyers.[1] Verified stats from the past week reveal national inventory at 743,006 units, new listings at 77,919, and pending sales rising to 73,241.[1] The National Association of Realtors reported March pending home sales up 1.5 percent month-over-month to indicate pent-up demand, though down 1.1 percent year-over-year; the South saw 3.9 percent gains, while Midwest and West dipped.[2][6] Existing-home sales fell 3.6 percent in March to a 3.98 million annualized rate, with median prices hitting a record $408,800, up 1.4 percent yearly for 33 straight months.[1][4] Inventory reached 4.1 months supply, still short of balance.[4] Consumers lean toward renting, saving $920 monthly in top metros, with first-time buyers at just 21 percent of sales due to costs.[1][6] Zillow slashed its year-end home value forecast to 0.3 percent growth from 3.4 percent, citing rising supply.[1][2][8] No…

Topics covered

• US housing market
• mortgage rates
• inventory
• real estate trends
• home sales
• first-time buyers

Keywords

• housing market
• mortgage rates
• inventory
• home sales
• first-time buyers
• real estate
• Zillow
• Freddie Mac

Mentioned in this episode

Organizations: Freddie Mac, Zillow, National Association of Realtors

Places: South, Midwest, West, Northeast, Bakersfield

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