A Spring Shift? Why Buyer Activity Might Be Heating Up Again
Every so often, the real estate market offers a signal—quiet, but telling. And right now, one of those signals just flashed green.
Pending home sales—those all-important signed contracts that give us a sneak peek at future closings—jumped by 6.1% in March compared to February, marking the biggest month-to-month increase since late 2023. For those of us keeping an eye on buyer sentiment, this is encouraging news.
Now, does a signed contract guarantee a sale? Not always. But it does mean more people are stepping off the sidelines, paperwork in hand, ready to move forward.
What’s Fueling the Shift?
According to the National Association of REALTORS®, the bump in March activity may be attributed to a few key factors:
- Slight Dip in Interest Rates: After hovering close to 7% earlier this year, the average 30-year mortgage rate in March eased down to 6.65%. Even a small drop can give buyers a bit more breathing room in their monthly budget.
- Stronger Job Growth: Steady employment gains are giving many households the confidence—and income—to reenter the market.
- More Inventory: There were more homes to choose from in March. In fact, for-sale inventory rose over 8% from February and nearly 20% from this time last year. More options tend to draw more buyers into the mix.
All these pieces together are contributing to what Lawrence Yun, chief economist at NAR, calls “a sizable buildup of potential home buyers.”
Regional Highlights: Where the Market’s Moving
While the growth in pending sales was seen nationwide, the South led the pack with a 10% jump in March compared to February. The Midwest and West also posted gains, while the Northeast saw a slight dip, likely tied to limited inventory and slower job growth.
Here’s a quick snapshot of regional contract activity:
- Northeast: Down 0.5% from February and 3% from last year.
- Midwest: Up 5% from February and 1.4% over last year.
- South: Up 10% monthly, slightly down year-over-year.
- West: Up 5% from February but still down 2% from the same time last year.
And yes, home prices are still rising across most regions—but the rate of increase is slowing. That balance between pricing and affordability is a big reason why we’re seeing renewed interest from buyers who’ve been waiting for a more stable market.
What This Means for Buyers and Sellers
If you’re thinking of buying, this renewed activity is your cue: more listings are coming online, interest rates are holding relatively steady, and early spring momentum could mean more competition as we head into summer.
If you’re considering selling, buyer interest is real—and growing. The uptick in contract signings shows that well-priced, well-presented homes are attracting offers, especially in areas with good schools, lifestyle amenities, or unique property features.
A Market That’s Ready to Move
As always, real estate is a local story. While national numbers help shape the bigger picture, what really matters is what’s happening in your neighborhood, your price range, and your timing.
If you’re wondering how this pending-sales momentum could affect your plans—whether you’re buying, selling, or just watching from the sidelines—let’s talk. I’ll walk you through what’s happening on the ground here in Ventura County and help you make a move that feels right for your life and your goals.
Because when the market starts to shift, being informed—and ready—makes all the difference.
