1312 ET - Buyers and sellers didn't jump back into the housing market as expected in February, but Zillow predicts lower mortgage rates in March will spur action. Rates dropped a quarter point in February and continued falling in March to December lows, offering buyers significant savings and possibly encouraging homeowners to sell. Inventory rose to 1.04 million homes, up 15% from last year, despite a 5% dip in new listings. Affordability remains tough, but lower rates ease the burden. With more homes available, competition has slowed--listings now take 23 days to go pending, nearing pre-pandemic norms. Home value growth slowed to 2.1% year-over-year, the slowest growth seen in 18 months, Zillow says. Newly pending sales dropped 8% from last year but remain 10% above pre-pandemic levels. Zillow believes that sellers can expect premiums through at least July. (chris.wack@wsj.com)
(END) Dow Jones Newswires
March 17, 2025 13:12 ET (17:12 GMT)
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