Yes, we are still below the inventory threshold required to fill the supply gap; however, according to the latest data, in the week ending July 17, there was an improvement in the real estate markets. Weekly Housing Trends report from the site realtor.com®.
– New ads are up 9%. More new sellers have entered the market compared to last year in 14 of the last 17 weeks.
– The total active inventory continues to decline, but it is only 33% below YoY.
– Median listing prices rose 10% YoY – the 49th consecutive week of double-digit price increases.
– In July, the rate of growth in house prices was in double digits, despite a downward trend from a peak in April by 17.2% year on year.
– Average listing price remains near the June record high of $ 385,000.
– The number of days on the market is 21 days faster than last year. The typical active listing reached a record 37 days in June.
The decline in inventories is starting to slow down, indicating that the balance sheet is approaching. However, house prices are still high. With new sellers entering the market, we will soon see some respite for buyers.
“While more sellers have entered the market in the past week, homebuyers may understandably be disappointed by the continued shortage of affordable homes for sale,” said Daniel Hale, chief economist at realtor.com®. “The rise in new supply offers a ray of hope for buyers trying to find a home and fix mortgage rates that are still low. The general public agrees that now is a good time to sell, and we may see even more new sellers in the coming weeks, and at the end of the year, stocks decline before we end the year. ”