MBS Highway’s April 2023 Housing Survey showed another solid increase in buying activity as the spring selling/buying season kicked into high gear. This is the 4th-straight month of improving sentiment.

MBS Highway’s March 2023 Housing Survey showed resilient levels of buying activity and an improved pricing environment — despite a +100 bps rise in average 30-year mortgage rates during February 2023.

MBS Highway’s February 2023 Housing Survey showed a significant pick-up in buyer activity. Importantly, this marked the second consecutive month of improvement.

While buyer activity levels nationwide remained subdued (77% of respondents characterized activity levels as ‘Slow’ or ‘Very Slow’), our January 2023 survey showed the first (admittedly slight) improvement in buyer activity since July 2022.

Buyer activity rose from November to December, with 23% of respondents saying that their market is still “steady to very active” versus 19% last month. However, this figure is still well below the 41% reported just three months ago in September.

Buyer activity has slowed for the fifth straight month, with only 19% of respondents saying that their market is still “steady to very active.” Pricing pressure has also moderated; 4% of those surveyed are still seeing “moderate to significant” price increases versus 5% in October and 10% in September. On the flipside, 78% are seeing some degree of price reductions (as compared to 74% in October and 68% in September).

Buyer activity has fallen sharply in recent months, as 29% of respondents in October said that their market is still “steady to very active,” compared to 41% in September and 53% in August. Pricing pressure is also moderating, with 5% of those surveyed seeing “moderate to significant” price increases versus 10% in September and 16% in August.

Activity continued to slow this summer, as 41% of respondents in September said their market is still “steady to very active” versus 53% in August and 66% in July. In terms of pricing pressure, 10% of those surveyed are still seeing “moderate to significant” price increases versus 16% in August and 33% in July.

While there is certainly a slowdown in activity and pricing pressure from July to August, 53% of respondents said their market is still “steady to very active.” In terms of pricing pressure, 16% of those surveyed are still seeing “moderate to significant” price increases versus 33% in July.

The media continues to bash the housing market, with some suggesting that a bubble or crash may be ahead due to waning demand, higher mortgage rates and higher home prices. However, MBS Highway’s latest Housing Index Survey shows that the housing market remains strong and the media has it wrong, again.