Our CEO, Robert Reffkin, was on CNBC’s Squawk on the Street last week, sharing his thoughts on the 2023 Spring Market. Read on for his key insights as to what has been going on in the market this Spring.
“Buyers have accepted 6% mortgage rates as the new normal.”
Compass CEO, Robert Reffkin, CNBC
- Buyer’s have accepted 6% mortgage rates as the new normal, due to the pent up buyer demand in the market
- Mortgage purchase applications have increased 8 out of the past 10 weeks
- Every single week this year, less inventory has come online than the same week last year, however there is 60% more inventory today than this time last year because the buyer strike in the fall left the end of the year with more inventory
- Inventory exiting Q1 2023 was 9% less than it was exiting Q4 2022
- 30% of homeowners are locked into mortgage rates at 3% or below
- 72% of homeowners are locked in at 4% or below
- Buyer demand continues to be strong, with home prices up in both March & February sequentially
- Open house traffic has picked up dramatically, with multiple offer situations being more common in markets across the country
