Housing market data suggests sector's downturn 'coming to an end'

Mortgage rates are on the downswing, with the average 30-year fixed mortgage dipping to 6.28% from 6.32% the week prior, according to Freddie Mac. This marked the fourth straight weekly drop as the bank crisis that began four weeks ago has pressured Treasury rates.

Home Builder Sentiment

Confidence among U.S. home builders rose slightly in March, the third-straight month builders have increased their optimism about the U.S. housing market.

The National Association of Home Builders/Wells Fargo's index of builder sentiment increased 2 points to 44, figures released March 15 showed. Analysts had expected this index to come in at a reading of 40.

New Home Sales

New single-family home sales rose 1.1% in February to an annualized pace of 640,000, up from January’s rate of 633,000 according to a report from the Census Bureau released March 23. This figure was 19% below the pace seen a year ago.

The median sales price of a new home in February stood at $438,200, while the average sales price reached $498,700.

At the end of the month, there was a seasonally-adjusted estimate of 436,000 new homes for sale in the market, representing about 8 months of supply at the current sales rate.

https://finance.yahoo.com/news/housing-market-data-suggests-sectors-downturn-coming-to-an-end-202631499.html