Housing market confidence surges to new heights.

Fannie Mae's housing sentiment gauge rose 5.5 points in April to 66.8, its highest level since May 2022 and the largest monthly gain in two years, driven by increased expectations that mortgage rates would soften in the next 12 months. However, affordability remains a top concern going forward as limited inventory continues to help push home prices higher. While both buyers and sellers felt slightly more optimistic about the market and the direction of mortgage rates, home sales will remain subdued compared to previous years until affordability improves for a larger swath of the homebuying public.