Inventory slipped 1.9%, the sharpest decline in more than two years, leaving a thin pool of “preferable” listings and keeping months of supply near a balanced 4.8.
“Communities that have always been popular are simply as popular with property buyers,” said Mike DeMello, a Redfin Premier representative in Oahu, HELLO THERE.
“Move‑in prepared, single‑family homes in those popular locations are attracting several deals, just like they always have. But communities that are generally sluggish are additional sluggish, and average areas are slower than usual. My advice for sellers in those places that aren’t red‑hot: Do not overprice, since if your home sits on the marketplace for longer than a few weeks, it’ll probably sit on the marketplace for months and eventually cost a lower cost.”
Geopolitics stoked fresh rate worries
Cost fatigue was not the only headwind. The Iran conflict included another layer of unpredictability just as lower rates raised wish for a more powerful spring.
“Last week, Americans were hit with headings about mortgage rates dropping listed below 6%, which provided some hope. But over the weekend, those headings were changed with ones about the war in the Middle East,” said Chen Zhao, Redfin’s head of economics research study.