With the increase in newly listed homes, the range of choices for homebuyers is expanding, marking the spring homebuying season in the real estate market. According to analysis by Realtor.com® economist Xia Jia Yi, new listings have increased by 14.9% year-on-year, providing more options for homebuyers. Homebuyers need to weigh the attractiveness of new listings against current rate levels to make informed decisions.

The Federal Reserve recently maintained its benchmark interest rate but hinted at possibly making three rate cuts before the end of the year. Nevertheless, economists generally believe that rates will remain relatively high in the near future, which may affect mortgage loan rates. The current high policy rate environment has led to increased borrowing costs, including mortgage loans, which could result in more homebuyers postponing their purchase plans.

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Despite fluctuating mortgage loan rates, as of the latest data, housing prices remain stable. Compared to the same period last year, there has been no change in housing prices, indicating an overall relatively stable market. Additionally, home sellers have started to significantly reduce listing prices, while the overall active inventory (including both new and existing listings) has seen a remarkable increase of 25.5%. This means that homebuyers have more choices and may face some downward pressure on prices.

For sellers preparing to move, facing an intensifying competitive market, they need to be well-prepared to attract buyers. Despite the increase in inventory, homes are still selling relatively quickly, possibly due to the market remaining in a state of inventory shortage. Overall, the changing dynamics of the real estate market remind both buyers and sellers to closely monitor market trends, make flexible adjustments to adapt to the constantly changing market environment, and make informed decisions.