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Nationally the housing market is picking up with new listings up 5.9% week over week. The higher end market, which had been most impacted, is now up 8% week over week. New listings have now gained three weeks in a row.
Mortgage applications are back up, not to pre Covid-19 lockdown levels, but getting very close.
Google reports an increase in “homes for sale” in 50 metro areas by 54% on average from 2020 lows.
Freddie Mac’s chief economist said “Today purchase demand in only down 10% from a year ago.” Consumer confidence is still high the change in season and warmer weather along is driving consumers back to their more normal routines.
In the Tri-Cities Region we still have historically low inventory which is driving a continued sellers market. There has been a 3% drop in inventory as some sellers wait out the Covid-19 stay at home orders, while those sellers who are open to following guidelines for safe showings are reaping the rewards with higher than average sales prices and less days on the market.
Buyers are finding the need to ensure they are pre-qualified now more than ever as they are operating in a competitive home buying market.
Looking to sell or buy? Contact your local Tri-Cities Life expert via text, email or phone. You can visit our about page to learn more about our brokers and sign up directly with them to receive housing feeds, mortgage information or just a general sense of the market if you may be looking to sell.
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Tri-Cities Life Real Estate