Presidents Day is traditionally the start if the Spring Housing Market but reports from many sectors indicate that buyers may not have a lot of homes to choose. Many factors influence the market, including consumer confidence, the stock market, and shortages in available land to build on and lack of labor in some areas.
The HMI component measuring sales expectations in the next six months did rise, by 1 point to 65. The index measuring current sales conditions was down three points to 65 and the component charting buyer traffic dropped sharply by five points to 39. That last number matched the 2015 traffic component as the most recent index low. If this is the Spring you plan to buy, don’t let the grass grown under your feet.