Top of Mind Weekly Pending Home Sales Are Finally Above Last Year (3/24/25 Market Update)
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Mar 25, 2025 This week, the discussion spotlights a notable rebound in pending home sales for March 2025, showing growth compared to last year. As mortgage rates decrease and inventory rises, the landscape of the housing market appears to shift. Yet, this may bring upcoming challenges for home prices. Tune in for insightful data and trends that paint a clear picture of where the real estate market is headed.
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Housing Market Shows Signs of Growth
- After a disappointing first quarter, March shows signs of growth in home sales, exceeding 2024 levels.
- This growth is attributed to mortgage rates falling below last year's levels, making homes fractionally more affordable.
Pending Home Sales Increase
- Pending home sales reached nearly 69,000 for single-family homes, up 4% from the previous week and 2.3% year-over-year.
- While this growth is positive, condo sales lag behind last year, and Florida's market faces challenges.
Inventory Growth Exceeds Expectations
- Unsold inventory climbed to 668,000 single-family homes, up 2% for the week and 30% year-over-year.
- Inventory growth surpasses initial predictions, likely exceeding 2019's end-of-year levels, signaling an end to the inventory shortage.