Housing Market Sees Dip in Mortgage Rates and Increase in Listings

The housing market may be showing signs of improvement as mortgage rates decrease and listings increase, according to real estate brokerage Redfin. Mortgage applications have risen by 15% since early November, and new home listings are up 7% from last year. However, the growth in applications is slowing down, indicating that further rate drops are needed to sustain demand. While some markets are experiencing price decreases, the median sale price of a U.S. home has risen by 4.1% over the past year. Experts suggest that sustained change will require an increase in the number of homes for sale. Redfin predicts a 5% increase in home sales in 2024 and expects mortgage rates to dip to 6.6% by the end of the year.