The spring selling season is in full swing. Here's a breakdown of what you and your clients need to know about the state of the housing market.
Home prices are surging
Price growth is only increasing, due to a lack of inventory in some markets. According to Lawrence Yun, NAR chief economist "Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices to near unsuitable levels." Buyers in many areasneed to be prepared for an increased amount of competition due to low housing inventory this spring.
Mortgage rates hold steady
30-year fixed rate mortgages remain at 3.7 percent, but that is likely to change. "Low mortgage rates are a welcome sign for those in the market to buy a home this…