High home prices don't equal a homebuying boom this Spring

Spring is often considered the peak homebuying season and sellers who can, wait until Spring to list their houses, knowing they'll usually get a higher price and faster sale.Not this year. According to Larry Edelman of the Boston Globe, 2023 marked the slowest May for condo sales since 2015 and the slowest May for home sales since 2011, at least in Greater Boston.The average interest rate on residential mortgages was 6.5%, which certainly is making some buyers consider waiting, and for sellers who will need a mortgage to get into a new home, they don't want to trade a 3% rate for double that.In May, median sales prices dropped by 2%, for the first time in a long time. Inventory is starting to rise, so perhaps a Summer upswing will come.