This was the fourth week in a row of declines, leaving prospective buyers hopeful for sustained low rates throughout spring homebuying season.

Sales of existing homes declined while the number of days they spent on the market rose, according to the April edition of the Housing Scorecard.

The National Association of REALTORS® Pending Home Sales Index rose for the third month in a row, suggesting the housing market’s contraction could be “coming to an end.” 

In Atlanta , home prices rose 8.4% year over year and slid 0.3% month over month.

Total housing inventory rose 39.9% from February 2022 to 9,230 units, while new listings totaled 5,416, Atlanta REALTORS® Association said. 

The supply of new homes for sale ticked lower from February, according to government figures.

The annual rate of 4.58 million sales was up 14.5% from January but down 22.6% from the February 2022 rate of 5.92 million. 

A shortage of existing-home inventory is driving more people to the market for newly built homes. 

Homebuilders expressed “cautious optimism” that the lack of existing inventory would drive demand for new homes despite high construction costs and interest rates, the National Association of Home Builders reported.    

The Mortgage Bankers Association noted the increase in borrowing activity came despite the 30-year fixed mortgage rate climbing to its highest level since November 2022. 

In January, home prices were up 5.5% annually and down 0.2% monthly, CoreLogic reported, citing its monthly Home Price Insights report. 

At the same time, new and active listings of homes declined, Georgia MLS reported, citing its 12-county Housing Market Snapshot.  

Days on market rose, while existing-home sales fell, according to the March edition of the Housing Scorecard.

Boise, Idaho, topped the rankings in a new report by MyEListing. 

The S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 5.8% year-over-year in December, compared to a 7.6% gain in November.

The 8.1% month-over-month increase in the National Association of REALTORS® Pending Home Sales Index was the largest gain since June 2020.