Mortgage interest rates have trended slightly downward over the past 30 days. The recent change will save new borrowers about $5 per month for every $100,000 borrowed. As of this week, the average U.S. interest rate for 30-year fixed-rate mortgages is 7.02%, compared to 7.10% a month ago. Forecasts for future interest rate changes remain mixed.
Despite home sales hitting a 30-year low, the long-term population growth in the U.S. indicates a likely rebound in homebuying activity soon. With 70 million more Americans today than in 1995, coupled with escalating housing needs, it’s improbable that home sales will stay low for long, despite the current economic complexities.
As a real estate professional, it is easy to forget that not everyone is familiar with the transaction process. I find the infographic below from Florida Realtors to be helpful when familiarizing people with the steps we will go through for a home sale or purchase.
Closes sales for single-family homes were down 12% YoY in March in Sarasota County. The continued reduction in sales has brought inventory levels up 77% when compared to the same time last year. While that may seem drastic, it was actually needed to bring the market back into balance. It continues to be a reasonable time to be on either side of a transaction in Sarasota. The infographic below from Florida Realtors contains more information from March.
March of 2024 in Manatee ended up looking much like March of 2023, with the exception of overall inventory levels. Inventory levels are up over 50% when compared to the same month in 2023; however, overall inventory is still less than four months of home sales. That is keeping the market slightly tilted towards sellers even though it feels pretty well in balance. The infographic below from Florida Realtors contains more information on our most recent closed month.
