Homebuying demand surges while sellers hold back in spring market.

Homebuyer demand for early-stage home buying has reached its highest level since May 2022, according to Redfin. However, this has not yet translated into more home sales due to a lack of supply, with new listings of homes for sale dropping 22% - the biggest decline since the start of the pandemic. Almost 50% of homes are getting sold within two weeks, and pending sales have dropped 19% compared to a year ago. First-time buyers and investors are showing interest in homes as prices have come down, but they are still concerned about high mortgage rates.