Nicole Friedman

What this is basically showing is that the spring housing market, which is the most important time of year for home sales, is off to a weak start. That's a combination of buyers being hesitant right now that affordability is still poor, home prices are high, mortgage rates are high.

What this is basically showing is that the spring housing market, which is the most important time of year for home sales, is off to a weak start. That's a combination of buyers being hesitant right now that affordability is still poor, home prices are high, mortgage rates are high.

And then just this broader economic uncertainty, consumer confidence is low because people are looking at the economy right now wondering, are we going to enter a recession? What's going to happen with tariffs? What's going to happen with my job? And so they're hesitant to jump in and make a big purchase.

And then just this broader economic uncertainty, consumer confidence is low because people are looking at the economy right now wondering, are we going to enter a recession? What's going to happen with tariffs? What's going to happen with my job? And so they're hesitant to jump in and make a big purchase.

So there is more inventory, which is good news for buyers because the supply of homes for sale has been really, really low for a couple of years. And economists and real estate agents have been saying if we had more supply, we would have more purchases, that the buyers are out there. They just can't find a home that fits their needs.

So there is more inventory, which is good news for buyers because the supply of homes for sale has been really, really low for a couple of years. And economists and real estate agents have been saying if we had more supply, we would have more purchases, that the buyers are out there. They just can't find a home that fits their needs.

But now we are starting to get more supply and the sales aren't going up as expected. And what we're seeing is that buyers are paying close attention to mortgage rates. So the rate was pretty unchanged this week. It ticked down just slightly, but it's still just hovering in this 6.5% to 7% range that it's been in for months now.

But now we are starting to get more supply and the sales aren't going up as expected. And what we're seeing is that buyers are paying close attention to mortgage rates. So the rate was pretty unchanged this week. It ticked down just slightly, but it's still just hovering in this 6.5% to 7% range that it's been in for months now.

And so we're not yet seeing a big change in rates that might lead to a pickup in activity.

And so we're not yet seeing a big change in rates that might lead to a pickup in activity.

Thank you for having me.

Thank you for having me.

The data really shows that this spring has gotten off to a slow start. The number of existing home sales fell in March and fell again in April. And that's on a seasonally adjusted basis. But it does indicate that buyers are hesitant right now.

The data really shows that this spring has gotten off to a slow start. The number of existing home sales fell in March and fell again in April. And that's on a seasonally adjusted basis. But it does indicate that buyers are hesitant right now.

They're still on the sidelines and we're seeing the inventory rise, but we're not seeing sales rise with it, which means that even though buyers have more to choose from, it's really that affordability, those mortgage rates and home prices that are hard to swallow. So really all eyes are on mortgage rates.

They're still on the sidelines and we're seeing the inventory rise, but we're not seeing sales rise with it, which means that even though buyers have more to choose from, it's really that affordability, those mortgage rates and home prices that are hard to swallow. So really all eyes are on mortgage rates.

And we have seen mortgage rates are tied to Treasury yields, and we have seen Treasury yields rising in recent days. And so that could indicate mortgage rates going up as well, which probably means that the market isn't going to break out of this rut in the next couple of months at least.

And we have seen mortgage rates are tied to Treasury yields, and we have seen Treasury yields rising in recent days. And so that could indicate mortgage rates going up as well, which probably means that the market isn't going to break out of this rut in the next couple of months at least.

A few years ago, when rates shot up from 3% to higher than 6%, that really, really shocked the market. And buyers couldn't let go of what they could have afforded with 3% rates compared to what they could afford with rates at 6% or 7%. It was such a dramatic increase. that really spooked people. But now it's been a couple of years and rates have been hovering in this 6% to 7% range.

A few years ago, when rates shot up from 3% to higher than 6%, that really, really shocked the market. And buyers couldn't let go of what they could have afforded with 3% rates compared to what they could afford with rates at 6% or 7%. It was such a dramatic increase. that really spooked people. But now it's been a couple of years and rates have been hovering in this 6% to 7% range.

And so a lot more buyers have just realized this is the reality right now. And because they have their own life situations, their own needs to move, some people are just saying, well, that's where mortgage rates are and I have to bite the bullet and make a purchase anyway.

And so a lot more buyers have just realized this is the reality right now. And because they have their own life situations, their own needs to move, some people are just saying, well, that's where mortgage rates are and I have to bite the bullet and make a purchase anyway.