More Choices For Buyers As Inventory Recovery Continues
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Loading... - tommy chloe
- 07 Mar 2023
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In a signal of the housing market’s continued rebalancing, the supply of homes for sale rose at a record annual pace of 67.8% in February, the sixth month in a row, according to a new report from Realtor.com. In addition, home price growth, while continuing to rise, slowed to a pace of 7.8%, a sign of still-high hopes from home sellers entering the market.
Realtor.com’s Monthly Housing Trends Report for February found that the median listing price grew to $415,000, up 40.1% from 2019. Active listings were down 47.5% from 2019, and new listings fell 15.9%. Median days on the market rose by 23 days to 67, down 17 days from 2019. The share of active listings with price reductions grew 7.6 percentage points to 13.3%, down 2.7 percentage points from 2019, with southern metros (+10.3 percentage points) seeing the largest increase in the share of listings with price reductions.
Key highlights:
- Across the 50 largest metros, the number of homes for sale was up 86.0% compared to last February, with the most growth in active listings in the South (+141.4%).
- Among the 50 largest U.S. metros, 49 markets saw active inventory gains in February compared to last year, but only Las Vegas, Austin and San Antonio saw higher levels of inventory compared to typical February 2017–2019 levels. Hartford (-8.8%) was the only metro to see inventory decline on a YoY basis.
- Six metros saw the number of newly listed homes increase over last year, led by Raleigh (+14.8%), Dallas (+10.3%) and San Antonio (+10.2%). The largest yearly decline in newly listed homes were in western metros, including San Jose (-43.3%), San Francisco (-39.4%), and Seattle (-36.8%).
- Among the 50 largest U.S. metros, the biggest annual listing price gains were in Midwest metros (+11.9%, on average). The metros with the biggest asking price increases were Milwaukee (+48.8%), Memphis (+42.7%), and Virginia Beach (+16.3%); however, in these metros the mix of inventory also changed and more larger, expensive homes are for sale today.
