Although some parts of the country are still experiencing snow, in the region of real estate, things are definitely beginning to thaw, according to a preliminary analysis of realtor.com® data for February.
Coming out of their winter doldrums, listing prices have begun their traditional spring climb and quickly reclaimed historical highs, hitting a median $275,000—which was last summer’s peak. This indicates that we’ll probably see an even higher peak this spring and summer, the prime season for buying and selling homes. Listing prices also increased 10% compared with February 2017.
“Rapid mortgage rate jumps, and confirmation of a brighter economic outlook have inflated the pool of home buyers early in the year, putting an extra squeeze on the mid- and entry-level market,” said Javier Vivas, director of economic research at realtor.com.