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From now on, on the last Friday of each calendar month, I will start including a dedicated monthly market update with a broader look at where we stand both locally and nationwide. As of this week, current mortgage rates are sitting at 6.375% on a 30-year conventional, 5.625% on a 15-year conventional, and 6.000% on VA, with FHA coming in at 5.750% for those utilizing that program(Centinnial Bank - Chris Knox). On the national front, the broader housing market continues to face headwinds. March existing home sales fell 4% from February, hitting their lowest level since June 2025, with homes sitting on the market a median of 41 days, up from 36 days a year ago. NAR has already revised its 2026 existing home sales forecast down from +14% to just +4%, with new home sales expected to be flat. Inventory nationally sits at a 4.1-month supply, still well below the roughly 6-month benchmark for a balanced market. Locally, we are well above the national average, sitting at around a 10-month supply, which is lower than the 2025 average. With that being said, the average purchase price is up 5.66% locally. On the builder side, 60% reported using sales incentives in April to get homes closed, and 36% cut prices outright. One of the biggest bright spots: progress on Middle East peace negotiations pushed oil prices lower this week, giving both stocks and bonds a lift.
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