A slow trend is emerging with some real estate markets fueling much-needed supply by introducing sellers and giving more of the power to buyers. But will this play out on a national scale? Demand has not slowed much, but buyers could see some relief in the months to come, according to the latest weekly housing trends view from realtor.com®.
The details:
– Median listing prices increased 10.3% year-over-year—the 48th consecutive week of double-digit growth, but an improvement over this April’s 17.2% peak.
– New listings increased 5% last week, following a 4th of July dip.
– Total active inventory was just 35% lower YoY—14 straight weeks of smaller year-over-year declines.
– Time on market remained flat from last week; however, it is 23 days faster than last year.
The takeaway:
“Last week, we saw sellers return to the market from their holiday break, putting new listings back on the track for a comeback. While listing prices ticked up, other metrics like inventory and time on market are inching toward more favorable territory for buyers,” said realtor.com® Chief Economist Danielle Hale. “At the same time, the combination of the tough market and people getting back to activities like travel and theater-going may lead some buyers to put buying on hold for now. Buyers who stick around for the ride should be prepared for the fast-lane, but may face slightly less competition for homes as more sellers enter the market and we see fewer buyers than in spring.”
