Spring Housing Market Trends: Surprising Shifts and Low Inventory in Various States

Despite soaring mortgage rates and near-record high prices, the DC-area spring housing market has not slowed down as much as expected due to a continued lack of sellers and high buyer demand. Home sales have slowed significantly from a year ago, but almost entirely because of a lack of inventory, not a lack of buyers. Median selling prices have declined modestly for two consecutive months, but they remain higher than they were a year ago, and selling prices are likely to remain strong this year due to low inventory. First-time buyers remain active in the Mid-Atlantic region.