Top of Mind Easter Driven Home Sales Dip Masks Recent Growth (4/28/25 Market Update)
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Apr 29, 2025 Pending home sales have dipped, influenced by the Easter holiday, marking the first decline below 2024 levels in six weeks. Mortgage rate sensitivity among buyers is a key factor, but predictions point to a rebound in sales by May. The housing market shows rising unsold single-family homes and a decrease in demand for new listings. Despite these challenges, median home prices have remained stable over the past three years, though price reductions have become more common due to sluggish sales.
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Easter Dip in Home Sales Temporary
- Easter holiday caused a temporary dip in pending home sales, a typical seasonal lull.
- Sales are expected to resume growth in May, surpassing last year’s pace despite mortgage rate sensitivities.
Watch Mortgage Rate Sensitivity
- Understand mortgage rate sensitivity impacts buyer behavior heavily.
- Monitor mortgage rates closely, as recent easing below last year's rates is expected to boost home sales.
Housing Inventory Grows Significantly
- Inventory of unsold single-family homes is up 31% compared to last year.
- Inventory will likely surpass 2020 highs, indicating increased supply this year.