New Listings See Biggest Annual Increase in Over Two Years
Homebuyers have reason to celebrate as Redfin’s latest market report reveals a significant increase in new listings. The four weeks ending November 26 saw a 5.8 percent increase in new listings nationally – the largest uptick in over two years.
Details from the Market Report
During the four-week period, 64,576 new listings were added, along with 856,016 active listings. Although active listings experienced a 7 percent decline, this was the smallest drop since June. Among the top five markets with the largest increase in new listings were San Jose, Orlando, Phoenix, West Palm Beach, and Houston. Additionally, San Jose recorded the most significant year-over-year increase in pending sales.
Median Sales Prices and Housing Payments
When it comes to median sales prices, Anaheim and San Diego were among the top five markets with the largest annual increase during the four-week period. Furthermore, housing payments have declined for the fifth consecutive week, down more than $150 from their peak in August.
Redfin Economics Research Lead Chen Zhao commented on the current market conditions: “Mortgage rates are dropping due to easing inflation and investors betting the Fed will cut interest rates sooner than expected. Declining rates, along with a sizable year-over-year increase in new listings, are leading to more favorable conditions for some buyers.”
Zhao offered advice for serious homebuyers: “Compare housing costs to recent highs instead of long-ago lows. Housing costs are at their lowest level in three months, and it’s unlikely they will drop significantly anytime soon. That makes it a relatively good time to lock in a rate.”
What This Means for Homebuyers
The recent increase in new listings and more favorable conditions for buyers make it an opportune time to enter the housing market. By working with an experienced real estate agent, homebuyers can take advantage of the current market trends and find their dream home.
As inventory levels continue to improve, buyers have more options to choose from and are better positioned to negotiate. With mortgage rates remaining low, now may be the perfect time to lock in a rate and secure your dream home. So, whether you’re a first-time homebuyer or looking to upgrade, the current market conditions present an excellent opportunity to make your move.
Orginal article: Link To Article – provided by Kansas City Realtors