Median home prices were up 19% from April 2020. However, home sales fell for the 3rd straight month, running at a 5.85 million annualized pace in April. Lack of inventory is holding back sales potential.
The 30-year fixed mortgage rate ticked up to 2.99% from 2.95% the previous week. Expect mortgage rates to increase modestly in the following months as the economy continues to recover, with the 30-year fixed mortgage rate to average 3.20% in 2021.