According to data released by FX168 Financial News (North America) on Monday (April 15), US homebuilders' confidence remained stable in April, the highest level since July last year. Uncertainty about interest rates interrupted four consecutive months of growth.
The National Association of Home Builders (NAHB) Housing Market Index was unchanged this month, at 51. The current sales and potential buyer traffic indices have both risen to their highest level since August last year, while the survey index for sales over the next six months has declined somewhat.
“The stable reading for April shows that there is potential for increased demand, but buyers are still watching until they can better estimate interest rate trends,” said NAHB chief economist Robert Dietz. “As the market is now adjusting, we still expect the Federal Reserve to announce interest rate cuts later this year, and mortgage interest rates will stabilize in the second half of 2024.”
If a homeowner is selling their home in the US, they might want to know when to list it and get the best price. The answer? The best time is now.
Specifically, according to a new report from Realtor.com, the week of April 14-20 is the best time to sell homes across the country. By analyzing various factors, including past price patterns, as well as stocks and buyers' activity, the researchers concluded that this golden period of early spring is the ideal time to take action.
“The best time is right around the corner, and conditions for sellers will remain favorable from now until summer,” said Danielle Hale, chief economist at Realtor.com.
These positives include higher-than-average house prices in mid-April, 1% higher than typical weekly prices, and 10.4% higher than at the beginning of the year. According to the national median price, this means that house prices are $7,400 higher than the average weekly and $34,000 higher than at the beginning of this year.
Market demand is also high, with 22.8% more listings viewed than normal in mid-April. Home sales have also been 17% faster this Golden Week.
Furthermore, the price drop in mid-April was almost a quarter below normal, which indicates that sellers are generally in an advantageous position during this time.
Of course, high interest rates make the real estate market more complicated. Stubborn inflation data means that the Federal Reserve has suspended interest rate cuts, which means that mortgage interest rates will remain high in the short term.
According to financial information website Bankrate.com, 30-year fixed mortgages currently average around 7%. This affects the ability to buy a home and may cast a shadow over everyone.
If the house is ready to go public, be sure to speed up the pace. Otherwise, getting ready to sell may take some time — fixing the house, hiring the right agent, or taking great photos to get more attention.
Here are some suggestions from sellers who are working hard to get the best prices.
The sooner the better
For sellers, it's wise to seize the spring opportunity.
As we enter May and June, “We'll see more and more listings go public,” Hale suggested. “There were a lot of buyers in the early year, but as they found a place to buy, those numbers would drop.”
In fact, for homebuyers, the smarter course of action is to wait until fall, if possible, Hale said. At that point, market dynamics will benefit buyers — and hopefully mortgage interest rates will begin to fall back to a reasonable level.
Bankrate.com's chief financial analyst Greg McBride predicts that by the end of 2024, mortgage interest rates will be around 6.25%-6.4%.