US Housing Market Shows Signs of Recovery in Spring 2023

Recent housing market data suggests that the sector's downturn may be coming to an end. Mortgage rates have been on the downswing, with the average 30-year fixed mortgage dipping to 6.28%. Pending home sales have risen for the third-straight month, and confidence among US home builders has increased for the third-straight month. Housing starts rose 9.8% in February to an annualized rate of 1.45 million homes, the strongest pace of starts since last September. Existing home sales in February jumped 14.5% to an annualized rate of 4.58 million, the largest monthly percentage increase since July 2020.