December and January showed us a decline in mortgage rates which has led to an increase of pending contracts by 8% in January. Three months into the pandemic lockdown was the last time there was above an 8% increase of pending contracts and by June of that year home sales increased 17% compared to May.
What does this mean for buyers and sellers? Bright MLS Chief Economist, Lisa Sturtevant, feels it’s going to be a bumpy road to a normal housing market in 2023. A lot of sellers are offering price concessions but they’re still not getting buyers off the fence due to higher interest rates.