Tag Archives: active listings

“Weakening home price growth for the past 12 months is increasing the odds that we may not see a new home price peak this year, for the first time in the history of our listing data, which dates back to mid-2016, and this is likely welcome news to homeshoppers," said Danielle Hale, Chief Economist for Realtor.com.

While spring is typically a hot homebuying season, new listings of homes for sale dropped 19% year-over-year in May, according to a new report from Redfin, leaving homebuyers circling an even smaller pool of listings.

“Prices falling from a year ago is a milestone because it hasn’t happened since the housing market was recovering from the 2008 subprime mortgage crisis. But it’s not surprising and in many ways, it’s welcome,” said Redfin Deputy Chief Economist Taylor Marr.

"The number of homes for sale on the market is up significantly from a year ago, even though fewer homeowners have listed their home for sale in recent months,” said Danielle Hale, Chief Economist for Realtor.com.

“Homebuyers are starting to feel more confident as mortgage rates tick down closer to 6% than 7% and the overall economy chugs along with surprising resilience, especially in the labor market. Steadily cooling inflation is likely to prevent mortgage rates from jumping back up,” said Redfin Economics Research Lead Chen Zhao.

The supply of homes for sale posted a record year-over-year increase in December, according to new data from Redfin's Homebuyer Demand Index, which showed an increasing rise in demand despite many homes lingering on the market due to rising mortgage rates.

According to October’s Monthly Housing Market Trends Report from Realtor.com, data showed nationwide inventory of active listings grew 33.5% year-over-year to a two-year high.

Although homes are staying on the market longer compared to last year, numbers are still moving faster than pre-pandemic norms. Meanwhile, homebuyers nationwide are pulling back or halting their home searches due to affordability constraints.

The latest analysis from the National Association of Realtors revealed pending home sales slipped in September, down 10.2% from August, decreasing in all regions compared to 2021.

While home prices remain elevated due to low supply, mortgage rates shot up to a 15-year high resulting in homebuyers losing nearly 30% of their purchasing power since rates reached their lowest point in 2021.