Mortgage rates have come down from last year, bringing buyers and homeowners back into the market. Refinancing activity has surged as people take advantage of lower rates to reduce their monthly payments. Even though more homes are being listed, buyers are still absorbing them quickly, with more homes going under contract than coming on the market. Homes are taking a little longer to sell, and prices are slightly lower than last year, but this reflects seasonality rather than a major downturn. Inventory remains tight, well below what’s considered a balanced market. New construction is improving as builders use incentives to attract buyers. Overall, the market is steady and flat, with lower rates driving renewed activity rather than signs of decline.

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