Market News March 20

Market Updates

Today's Market News:

Unlucky Buyers See Interest Rates Surge


Mortgage rates surged on Friday, March 13th, as bond markets reacted to the Iran conflict. The average rate on the 30-year fixed loan hit 6.41%, which is the highest rate since the first week of September 2025.

Even as rates began rising last week, mortgage demand from homebuyers rose, according to the Mortgage Bankers Association. However, this week's surge in rates could put another damper on the spring home buying season.

For someone buying a $400,000 home around the national median price, with 20% down on a 30-year fixed mortgage, the monthly payment is now about $115 more than it would have been two weeks ago.1

Pending Home Sales Increase in February


According to the most recent NAR Pending Home Sales report, pending home sales increased by 1.8% from the prior month. However, this number still represents an annual (year-over-year) decline of 0.8%.

Here are the regional pending home sales figures for last month.

  • The Midwest region saw a 4.6% monthly increase, and a slight, 0.1% decrease compared to February 2025.
  • Pending home sales in the South saw a 2.7% increase from January 2026, and an annual increase of 1.2%.
  • The West recorded a 0.9% monthly increase, and an impressive, annual 3.2% increase.
  • Numbers fell in the Northeast region. Monthly pending home sales were down 3.6%, sliding by 12.1% annually.
At the local level, several markets posted notable year-over-year gains in pending home sales. Among the 50 largest metro areas, the following markets posted the biggest annual increases.
  • San Diego–Chula Vista–Carlsbad, CA (+13.5%)
  • Jacksonville, FL (+12.1%)
  • San Jose–Sunnyvale–Santa Clara, CA (+10.6%)
  • Denver–Aurora–Centennial, CO (+10.5%)
  • Miami–Fort Lauderdale–West Palm Beach, FL (+10.0%)
Runners-up included metros in Arizona, Oklahoma, Texas and Kansas.2

Builder Sentiment Up One Point


Builder confidence in the market for newly built single-family homes rose one point to 38 in March, following a revised upward one-point revision in February, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI).

All responses to the March survey were received after the conflict with Iran started.

The HMI index gauging current sales conditions increased one point to 42 from February to March, the future sales index gained two points to 49, and the index charting traffic of prospective buyers posted a three-point increase to 25.

  • 37% of builders cut prices in March, up slightly from 36% in February.
  • The average price reduction remained stable at 6%.
  • The use of sales incentives was 64% in March, down one percentage point from February, and marking the 12th consecutive month this share exceeded 60%.
Even though some index numbers rose, all are still under 50. Index scores will need to reach 50 or higher to indicate that more builders are viewing conditions as good, rather than poor.3

Should Sellers Test the Waters Before Diving In?


Putting the FOR SALE sign out can be stressful for homeowners and agents alike, even after preparing a comparative market analysis (CMA). Much of this stress is caused by deciding on the initial listing price. However, there are other approaches to selling a home in today's market environment, including phased marketing.

Phased marketing is similar to dipping your toe into the water to check the temperature before deciding if you want to dive in. For example, sellers could "test drive" their initial price by listing their home as a Coming Soon property before committing to a formal listing. If they receive one or more attractive offers during this phase, this can increase seller confidence.

A recent Redfin analysis suggested that phased marketing could help boost annual housing inventory by up to 12% while also promoting more accurate pricing. This would include increasing the seller's ability to obtain a fair price while reducing price drops and extended time on the market.4

What Today's Consumers Want from Social Media

The social media landscape looks and feels very different than it did just a few years ago, especially with the arrival of generative artificial intelligence (AI). However, AI hasn't particularly affected what your prospects and followers are hoping you'll post.

A survey conducted earlier this year recorded the responses of over 2,000 social media users from the USA, UK and Australia. Here's what they like the most.

Educational posts were a top priority. 40% of the survey's respondents said this was the most important to them. Sharing your knowledge on a variety of real estate topics is something you'll want to prioritize.

Community-focused content is also popular, with 27% of respondents preferring to see this. It's good news for you, as it provides opportunities for you to get involved in local events and post about them.

Episodic content came in third place. It may sound challenging, but followers keen on this type of content will be waiting for the next episode. Depending on the topic, this strategy could produce some of your most liked posts. For example, topics could include "Ask Me Anything Fridays" or "Closing Day Diaries".

Memes and skits ranked fourth in the list. This means you can occasionally have some fun with your posts.5

Sources: 1cnbc.com, 2nar.realtor, 3eyeonbhousing.org, 4redfin.com, 5sproutsocial.com