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Home sales pull back as mortgage rates climb
With inflation remaining sticky, however, mortgage rates could stay higher for longer in the short term. As such, sales activity will likely stall in April but could pick back up after the market digests the latest set of inflation news.
California median price reaches highest level in seven months
With seasonal factors and tight inventory expected to continue to put upward pressure on prices, California’s median price should climb further in the next couple of months.
REALTORS®’ insights offer hope for spring homebuying season
The latest REALTORS® Confidence index released by the National Association of REALTORS® suggests that the housing market will continue to improve, albeit slowly, from last year
March residential construction falls sharply as builders fear rate cut delay
The renewed concerns about the Fed’s rate movement and the recent volatility in rates are putting builders on stand-by mode, as more of them have become less optimistic and may have adjusted their demand outlook downward for the year.
Retail sales exceed expectations in March
The solid gain in retail sales suggests that consumers are still not ready to pull back yet, which is a promising sign for economic growth, but could also create another speedbump for the Fed’s rate cut plan
The latest improvement in housing supply and the increase in competitiveness in the market, indeed, offer encouraging signs that the market could see better days in the second half of the year when mortgage rates begin to come down.
SOURCE : California Association of Realtors
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