There is a slow trend with some real estate markets fueling a much needed supply by bringing in sellers and empowering buyers. But will it play out on a national scale? Demand hasn’t eased much, but buyers may see some relief in the coming months, according to the latest weekly housing trends survey from realtor.com®.
– Median listing prices are up 10.3% year-over-year – the 48th consecutive week of double-digit growth, but an improvement from a 17.2% peak in April this year.
– New listings rose 5% last week after falling on July 4th.
– Total active inventories were only 35% lower YoY – 14 consecutive weeks of less decline compared to the same period last year.
– Time on the market has remained unchanged compared to the previous week; however, this is 23 days faster than last year.
“Last week we saw sellers come back to the market after a vacation, bringing new listings back on track. While listing prices have risen, other metrics such as inventory and time in the market are gradually becoming more favorable for buyers, ”said Daniel Hale, chief economist at realtor.com®. “At the same time, the combination of tough market conditions and people’s return to activities such as traveling and going to the theater may cause some shoppers to delay their purchase for now. Buyers who are slow to travel should be prepared for the fast track, but may face slightly less competition for homes as more sellers enter the market and we see fewer buyers than in the spring. ”