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Is the housing market finally getting more curb appeal? The latest data points offer some hope for potential home buyers and sellers, but monthly sales remain far from their heights of several months ago.
Mortgage rates fell at the fastest pace in months this week. Rates on 30-year mortgages dropped below 6.5% for the first time since May 2023, according to Freddie Mac.
The mortgage rate declines follow two recent reports from National Association of Realtors® with signs that the housing market might be picking up: Home listings in June rose 23% from the year before. The number of unsold houses also rose to a 4.1-month supply – the highest since May 2020. Pending home sales grew almost 5% from May, suggesting existing home sales could turn up from June's multi-year low of 3.89 million on a seasonally adjusted annual rate.
The decline in mortgage rates since October could save homebuyers more than $300 per month, says NAR Chief Economist Lawrence Yun. He wrote last week, "Homebuyers who were priced out a few months ago should re-check whether they can enter the homebuying market if they have secure jobs." A weak jobs report last Friday worried stock investors that a recession might be ahead. “The volatile stock market will result in a bit of fluctuation in mortgage rates," Yun said on Friday to USA TODAY. "Though, overall, rates will be lower than in the first half of the year."