The fall real estate market has been relatively consistent compared to last year, but while listings continue to improve, growth has stumbled. New listings declined for the week, according to the latest realtor.com® Weekly Data Report for the week ended Oct. 30.
Key findings:
– Median listing price increased 8.6% YoY
– Annual home price growth remained in the 8.5%-8.9% range for 13 of the last 14 weeks
– New listings down 3% year-over-year—the seventh consecutive week of single-digit declines after five months of gains
– Active inventory down 23% YoY
The takeaway:
Last week’s bump in new listing declines didn’t carry over to inventory levels from last year, which declined slightly for the first time in eight weeks. Buyer demand continues to be high, making it harder for active inventory to grow.
“Last week’s data suggests that the housing market has settled into a path toward relatively stable sales activity levels that remain above pre-COVID pace despite lagging inventory. Key metrics, including the relatively variable new listings trend, remain stuck in a narrow range of annual changes,” said Danielle Hale, chief economist for realtor.com®, in a statement.
“We continue to see the typical signs of a sellers’ market, including rising home prices, declining inventory and fast selling-homes. However, the more usual seasonal cooldown in activity could mean some good news for winter buyers facing rising mortgage rates and surging rental prices,” she added. “Compared to the competitive spring and summer months, home shoppers might have slightly more negotiating power as we near end-of-year. For sellers still looking to take advantage of 2021’s hot market, setting the right price for your local area will be key to attracting strong offers.”
