RMLS Market Action Report
Good News! Listings, sales, and closings are up. Sure signs the Spring market is heating up. The only exception to the trend is pricing. Take a look at the Market Action Reportand weekly highlights showing average and median price gains are not keeping pace with the upward trend in inventory, sales, and closing. Why? Current interest rates are not driving price appreciation as we typically see in a lower interest rate environment.
Surprisingly, the market remains in positive territory. As inventory continues to rise, we expect gains to further soften, possibly moving into a period of negative appreciation. Housing demand remains strong. Single-family homes in quality neighborhoods continue to outpace the market, moving the needle toward higher pending sales. Coupled with increasing inventory, we're looking forward to a sunny Spring market!