Robert Reffkin, the co-founder and CEO of the real estate brokerage, said the current conditions are creating a good opportunity for prospective buyers.
Inventory is climbing
Mortgage rates have edged down
Borrowing costs have also inched lower. The average 30-year fixed mortgage rate clocked in at 6.89% the last week, according to Freddie Mac data.
That's higher than where mortgage rates averaged during the pandemic, but borrowing costs are lower than their highs at the start of the year, when the 30-year fixed rate broke through 7%.
Pending home sales dropped 6.3% in April from the prior month, according to the National Association of Realtors.
Reffkin said he expected pending sales to rebound in May, with positive sales year-over-year. That's partly due to fear surrounding tariffs starting to ebb, he said, which is boosting consumer sentiment.
"The less noise in the stock market, the less noise in tariffs, the more people feel comfortable making the most important purchase they make in their lives," he said.
