The supply of homes for sale rose at a record annual pace for the sixth month in a row, up 68% year over year in February. It signals the housing market’s continued rebalancing, according to a recent housing trend survey. Despite the significant increase in inventory over last year’s record lows, home prices are still growing, albeit at a slower pace of 8% over last February, a sign of still-high hopes from sellers entering the market.
In a market with conditions that don’t particularly favor buyers or sellers, both will likely have to make compromises to make a deal happen. As mortgage rates continue to fluctuate and increase the cost of buying a home, it’s important for sellers to price their home appropriately to attract buyers in the market. For buyers, it’s critical they make the best offer they can on a home that fits their needs and budget.
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