Sales volume fell from this time last year, but actual inventory fell even more. Demand continued to shift to the more affordable home types, especially those under the $1M price. Despite an 18% drop in home prices from last year, there was a slight bounce up 5.5% from January.
Interest rates have begun to stabilize and so have home prices. However, competition is expected to increase among buyers who have been waiting on the sidelines, people deciding to buy due to increased rental costs, and relatively constrained supply.