1032 ET - Home price growth paused and inventory swelled during March, according to Zillow, despite mortgage rates reaching a 2025 low in March. Sellers made a strong showing in March, putting more than 375,000 homes on the market--an increase of nearly 9% compared to the same time last year. But buyers didn't keep up. Newly pending sales were essentially flat compared to last year, even though average mortgage rates were lower this year--6.65% on average in March, compared to 6.82% a year before. About 265,000 listings went into a pending sale in March--110,000 fewer than came on the market. This mismatch pushed inventory up to 1.15 million homes--19% over last year--the most inventory buyers have seen in March since 2020. Affordability is still challenging buyers. The typical home value rose 0.2% month-over- month in March. (chris.wack@wsj.com)
(END) Dow Jones Newswires
April 17, 2025 10:32 ET (14:32 GMT)
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