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The National Association of REALTORS® Pending Home Sales Index rose for the third month in a row, suggesting the housing market’s contraction could be “coming to an end.” 

In Seattle, home prices fell 5.1% on a yearly basis and 1.4% on a monthly one. 

Two of the most expensive new listings were posted by Laura and Katherine Halliday of Realogics Sotheby’s International Realty.

The supply of new homes for sale ticked lower from February, according to government figures.

The annual rate of 4.58 million sales was up 14.5% from January but down 22.6% from the February 2022 rate of 5.92 million. 

Nationally, the week of April 16-22 is likely to provide sellers with the most favorable conditions for a successful sale of any week of the year, although the exact timing varies widely by market. 

A shortage of existing-home inventory is driving more people to the market for newly built homes. 

Increased mortgage rates have sidelined many would-be buyers, allowing inventory levels to increase. As a result, buyers can now “shop around” more than during the peak of the pandemic, putting the burden of concessions back on sellers.

Homebuilders expressed “cautious optimism” that the lack of existing inventory would drive demand for new homes despite high construction costs and interest rates, the National Association of Home Builders reported.    

There are 58 less million-dollar cities in the U.S. than there were in July of last year, according to a new report from Zillow.

The Mortgage Bankers Association noted the increase in borrowing activity came despite the 30-year fixed mortgage rate climbing to its highest level since November 2022. 

As rising mortgage rates cool the market, the share of U.S. homes worth at least $1 million has fallen from an all-time high last year, according to a new Redfin report.

In January, home prices were up 5.5% annually and down 0.2% monthly, CoreLogic reported, citing its monthly Home Price Insights report.