The housing market appears to be slowly thawing as mortgage rates dip and listings inch higher. Analysts say that while the market is improving, it is still far from a full recovery.
Mortgage rates have been lingering at historic lows, making it much more affordable to buy a home. Additionally, an increase in listings due to the relaxation of pandemic restrictions has also given buyers more options.
But despite the improved conditions, the market is still well below 2019 levels. Inventory remains low as many potential homeowners are waiting to list properties until they’re able to get a better price. The continued economic uncertainty caused by the pandemic has also caused people to hesitate to buy.
Analysts warn that these conditions have made the housing market unpredictable, and it remains unclear how long it will take to fully recover. However, the signs of improvement are positive and offer hope that the market will rebound in the near future.
