More positive market signs continue to emerge heading into Q2, with pending sales and inventory increasing steadily since the beginning of the year. Sales jumped 12% in March over February, a seasonally expected trend, but were still slightly down 3% year-over-year. The local market has closely reflected the national outlook and contracted economy; while sellers are becoming more enthusiastic to enter the market, buyers are holding onto their pocketbooks and show hesitation to spend.

Fluctuating mortgage rates have also affected sales, with some positive momentum as rates dropped briefly that gave a preview of momentum to come, and indicating that buyers are even more sensitive than usual to changes. However, the overall effect has been relatively flat and our survey responses from local REALTORS® would suggest that consumer confidence is more of a stumbling block than mortgage rates.

The National Association of REALTORS® (NAR) reported that national pending sales jumped 6.2% in March, the biggest month over month increase since 2023. This should indicate a coming buildup of buyers... and the South showed the best results.