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Special Report

Housing Research Brief

March 2024

Housing Market Enters Spring Thaw
as Listings, Sales Gain Momentum

More prospective buyers and sellers coming to terms. The number of existing single-family homes available for purchase swelled to a 40-month high in February 2024, reaching a level not seen since late 2020 and providing prospective buyers with new opportunities. Along with this increase of homes on the market, the pace of sales escalated in February to the strongest measure since the same month of 2023. These improvements occurred despite the persistent obstacles of elevated borrowing costs, with the average 30-year fixed-rate mortgage remaining in the upper-6 percent zone through the second half of March. Over much of the past two years, this environment has discouraged owners with lower rate mortgages from selling homes, while also creating historic affordability barriers for prospective buyers. These roadblocks remain in place going forward; however, recent trends imply that the U.S. housing market is starting to loosen. 

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