Carmel real estate observers got a welcome end-of-the-week boost from Friday afternoon’s USA Today housing market report. Although its headline included a question mark (“Housing market on the rise?”), there was little question that some of the factors that had been weighing down national activity were shifting in a positive direction. Singled out in housing and economy correspondent S. Ramaswamy’s report:
· Mortgage bankers’ latest numbers showed “both mortgage and refinance applications” increasing over the previous week.
· Average rates on 30-year fixed mortgages dropped for the second week in a row—a “welcome departure” from previous trends.
· From Freddie Mac, a finding that inflation’s rate of growth has moderated “and is expected to decelerate over the remainder of 2023.”
· Elevated mortgage rates had restrained buyer enthusiasm so the reversal could be expected to spur activity.
· More inventory “could entice some buyers to get back in the market.”
Still, working against the “immediate impact” brought on by the mortgage rate dip is the sustained effect that sub-3% mortgages have on homeowners. They remain reluctant to list their homes—so the recent dip in rates “has not been enough” to coax them from the sidelines in significant numbers.
Even so, this spring’s listings already include a number of Carmel real estate opportunities for buyers positioned to take advantage of the season’s offerings. Call us for a demonstration of the practical advantage that our deep local market knowledge has brought to many successful Carmel buying and selling campaigns!
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