Well, that's odd, interest rates hit their highest levels last week and inventory barely budged.  This is a combination of homes still being put into contract at these prices, and new listings not showing up, as sellers continue to remain on the sideline.  Mortgage applications moved lower last week, however looking at the YTD we are basically neutral with 17 positive prints and 20 negative prints.  It's really interesting to watch the numbers come in week after week.  If you're new to my newsletter, I watch the different economic reports every week.  Jobless claims, Non Farm Payrolls, CPI, PPI, PCE, GDP...all of these play an instrumental role in the key metric I watch for our beloved mortgage rates, the 10yr treasury yield.  The American workforce remains strong, which is good, but also not good.  It's the main item the Fed has said they want to see weaken before reversing course on rates.  As the job numbers continue to show strength, the 10yr treasury yield has been marching higher and we can see the result.  Mortgage rates got close to 8%.  There is some interesting developments with wage growth falling, so we'll continue to watch and keep an eye out.
Interest rates are high, but the current inventory is staying on the market longer, so opportunity could be found for interested buyers in this market.

What are you seeing or hearing? I'd love to know paul@guiderealestate.com