House hunting? Here's what to know as the spring buying season arrives.
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Aspiring home buyers can look forward to a modestly more favorable real estate market heading into the spring house-hunting season. Edited by Alain Sherter In:
Aspiring home buyers can look forward to a modestly more favorable real estate market heading into the spring house-hunting season.
Although home prices remain historically elevated, purchase costs are growing more slowly. According to Redfin data, median home prices in January rose at an annual rate of 1.1%, down from 4.1% a year ago.
"Conditions are better because the mortgage rates are lower and home prices went up slower than wages in the last year, which should be giving homebuyers more purchasing power and more confidence," Daryl Fairweather, chief economist at Redfin, told CBS News.
People in the market for a home could also see more listings this spring, according to economists.
While mortgage rates ticked back up to 6% this week due to inflation fears linked to the Iran war, that's considerably lower than the March 2025 rate of 6.6%.
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Mortgage rates are edging up on Thursday amid renewed inflation fears tied to the war in Iran. Edited by Alain Sherter In: