Spring is almost here, and many are wondering what it will bring for the housing market. Even though the pandemic continues on, it’s certain to be very different from the spring of last year. Here are a few industry experts opinions about the housing market and whether or not it will “bloom” this season.
Freddie Mac: “Since reaching a low point in January, mortgage rates have risen by more than 30 basis points, however, the rise in mortgage rates over the next couple of months is likely to be more muted in comparison to the last few weeks, and we expect a stong spring sales season”
Danielle Hale, Chief Economist, Realtor.com: “Despite early weakness, we expect to see new listings grow in March and April as they traditionally do heading into spring, and last year’s extraordinary low new listings will mean year over year gains. One other potentail bright spot for homebuyers ….new construction, which has risen at a year over year pace of 20% for the last few months, will provide additional for-sale inventory relief”
Mark Fleming, Chief Economist, First American: “As the housing market heads into the spring home buying season, the ongoing supply and demand imbalance all but assures more house price growth. Many find it hard to believe, but housing is actually undervalued in most markets and the gap between house-buying power and sale prices indicates there’s room for further price growth in the months to come”