April 22

Hook:
Inflation still matters for housing, even when people are focused on rates.

Full script:
When people talk about housing, they usually jump straight to mortgage rates. But inflation matters too, because it affects consumer confidence, monthly budgets, and where rates may go next.

Recent inflation data came in hotter than the month before, and that keeps pressure on affordability conversations. When households feel squeezed by everyday costs, they tend to move more carefully when making housing decisions.

That is why the market feels mixed right now. Rates improved a little, but cost sensitivity is still very real.

What do you think has a bigger impact right now: home prices or everyday expenses?

1) Mortgage Rates — What are rates doing today?
Mortgage rates are a little lower than a week ago. Freddie Mac’s latest weekly survey shows the average 30-year fixed at 6.30% and the 15-year fixed at 5.65%, down from 6.37% and 5.74% the prior week. Daily market trackers are still showing rates in the low-6% range this week, so the headline is: rates remain elevated, but they have eased modestly. (Freddie Mac)

Mortgage demand also improved slightly. MBA reported that mortgage applications rose 1.8% week over week in its latest survey after a small decline the previous week, which suggests some buyers are responding when rates soften. (MBA)

Agent takeaway: “Rates are not low, but they’re a bit better than last week, and that’s enough to pull some buyers back into the conversation.” (Freddie Mac)

2) Housing Inventory — Are there more homes for sale?
Yes, inventory is improving. Realtor.com’s March data shows active listings up 8.1% year over year to 964,477, while new listings rose 0.7% year over year. Their latest weekly update also says newly listed homes climbed above 120,000, the highest level in nearly a year. (Realtor)

At the same time, homes are not flying off the shelf everywhere. Realtor.com says the national median days on market was 57 days in March, which is 4 days slower than a year ago. Redfin also found that 52.2% of February listings sat on the market for at least 60 days without going under contract, the highest February share since 2019. (Realtor)

Agent takeaway: “Buyers have more choices than they did a year ago, but sellers still need realistic pricing and strong presentation because stale inventory is building.” (Realtor)

3) Home Price Trends — Are prices rising or falling?
Prices are still up nationally, but growth has slowed. Zillow’s March market report says the typical U.S. home value is $365,545, up 0.8% year over year and 0.6% month over month. Zillow’s latest forecast expects home values to rise just 0.3% by December 2026, which points to a very flat national price path ahead. (Zillow)

Cotality’s April U.S. home price insights also show cooling appreciation, with year-over-year growth slowing to 0.5% in February 2026. It says 13 states were posting negative annual appreciation in February, while 70% of the top 100 metros were still considered overvalued. (Cotality)

Agent takeaway: “This looks more like a price normalization story than a crash story. National values are still positive, but the era of fast appreciation is clearly fading.” (Zillow)

4) Real Estate Industry News — What are agents talking about?
A lot of the conversation is still centered on legal and policy issues around listings, commissions, and consumer transparency. Inman reports NAR reached a $52.25 million settlement in a buy-side commission case, with no new practice changes required as part of that agreement. (Inman)

There is also continued tension around listing access and portal practices. HousingWire reports eXp Realty was added to the Zillow RESPA lawsuit in Seattle, and Colorado’s attorney general reached a consent judgment that voided MV Realty’s long-term homeowner benefit agreements in that state. (HousingWire)

Agent takeaway: “The industry is still in an education-first phase. Agents who explain compensation, listing strategy, and buyer options clearly are likely to stand out more than agents who rely on old assumptions.” (Inman)

5) Economic Indicators — What affects housing next?
The latest inflation data was not especially housing-friendly. BLS reports CPI rose 3.3% year over year in March, core CPI rose 2.6%, and the shelter index increased 3.0% over the last year. Energy was a major pressure point, up 12.5% year over year. (Bureau of Labor Statistics)

The labor market is still holding up, which supports housing demand. BLS says nonfarm payrolls increased by 178,000 in March and the unemployment rate was 4.3%. Construction was one of the sectors adding jobs. Meanwhile, Census says the March new residential construction report has been delayed to April 29, so that housing starts update is still pending. (Bureau of Labor Statistics)

Agent takeaway: “Jobs are still supporting demand, but sticky inflation makes it harder for mortgage rates to move down quickly. That keeps affordability front and center.” (Bureau of Labor Statistics)

Best one-line summary for today:
“The housing market is loosening up a bit — rates have eased, inventory is improving, and prices are flattening — but affordability is still the issue everyone is watching.” (Freddie Mac)

SOME OF OUR RECOMMENDATIONS

Rental Management Software
Best real estate website host

(We may receive commissions from some of our recommendations)