‘Competitive’ spring homebuying season is starting early this year, industry analyst says

Source: Fox Business — 

Amid concern about rising mortgage rates, homebuyers are entering the market earlier than usual this spring, according to George Ratiu, manager of economic research at Realtor.com. 

“Markets are experiencing an early start to the spring season with solid demand driving inventory lower and pushing prices to new record highs,” Ratiu said in a weekly housing market update. “Realtor.com’s February data reveals that as buyers try to get ahead of rising rates, homes are selling at a fast pace while listing prices surpassed last year’s July seasonal high, closing in on $400,000.”