Residential real estate agents typically look forward to spring when the mild weather attracts homebuyers. But this year's spring selling season is struggling.
Home sales fell 2.8% in February compared to a year earlier, keeping deal flow compressed relative to historical levels, said Connor Devereux, senior director of market analytics for CoStar Group/Homes.com.
Making matters worse is a recent increase in mortgage rates.
Freddie Mac reported that the average rate of a 30-year fixed-rate mortgage is near 6.4% today, on pace with September 2025 levels, Devereux said.
