More Sellers Test the Market, Hoping For a Spring Surge in Homebuyers
Rocket Companies, Inc. Class A (RKT)
Company Research
Source: Business Wire
After several months of declines, Redfin reports new listings are posting a small improvement. Sellers are betting on mortgage rates that are closer to 6% than 7% bringing buyers off the sidelines. SEATTLE--(BUSINESS WIRE)--New listings of U.S. homes for sale rose 0.5% from a year earlier during the four weeks ending March 8, the first increase since November, according to a new report from Redfin, the real estate brokerage powered by Rocket.While it’s a modest improvement, it may be a sign that some home sellers are feeling more hopeful about this spring’s housing market now that mortgage rates have dipped down to 6%. That has pushed the median monthly housing payment down 3.2% year over year, and Redfin agents in much of the country say 6% is a psychological threshold for buyers who have been waiting to jump into the market. (The daily average mortgage rate rose as high as 6.19% this week amid turmoil in the Middle East.) The improvement in new listings is partly due to sellers r
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