Housing Inventory Hits New Post-Pandemic High

 

Housing Inventory Hits New Post-Pandemic High

Realtor.com® just released its July Housing Report—with good news for buyers. 

For one, active listings have reached a post-pandemic high, climbing 36.6% in July compared to the same time last year. 

Meanwhile, the share of for-sale listings with price cuts has increased to 18.9%, the highest share recorded since October 2023. 

That’s the type of news we know you want to share with consumers in your market—which is why we’ve included it in this week’s BAMx in a Box templates. (For those who don’t know, BAMx releases social media templates, video scripts, a blog and an email every Friday.)

Here’s a sneak peek of one of the social templates in today’s release:

 INVENTORY REACHES POST-PANDEMIC HIGH

Active listings in July grew by 36.6% relative to the same time in 2023, marking a new post-pandemic high and increasing the number of housing options for today’s buyers. 

The inventory scars of the pandemic-era housing market are continuing to fade. Although active listings are still short of the pre-pandemic mark, we saw the gap continue to narrow meaningfully as active listings hit a post-pandemic high. As sellers continue to list homes and buyers become choosier, the time a home spends on the market is extending, thereby helping the housing market move in a more buyer-friendly direction. In response, sellers are curbing expectations and reducing listing prices more often which could set the stage for more sales this fall, especially if mortgage rates continue to decline. Danielle Hale - Realtor.com Chief Economist

 Nationwide, the total number of homes for sale grew by 22.6%, marking the ninth straight month of inventory growth. 

The South and West regions experienced the most significant annual growth: 

• South: +47.6% 
• West: +35.4% 

Compared to pre-pandemic levels, the number of total listings for sale in the South is down 14% while, in the West, it’s down 19.4%. 

In addition to seeing inventory levels rise to heights not seen since before the pandemic, buyers are also seeing sellers cut prices on a much larger share of homes than last year. These are signs that the housing market is healing from an unhealthy state and becoming more balanced. Ralph McLaughlin - Realtor.com® Senior Economist

NEW LISTINGS ARE UP—ALONG WITH PRICE CUTS

New listings in July 20024 were up year over year by 3.6%, marking the ninth consecutive month of growth—evidence that more sellers are warming up to listing their homes. 

They’re also more likely to reduce the price of their homes. The share of active listings with price cuts rose to 18.9%, the highest share since October 2023. 

The share of listings with price cuts increased in all 50 of the top U.S. metros, with the largest increases in—

1. Denver, CO (32.4%)
2. Austin, TX (31.4%)
3. Tampa, FL (30.6%)

Metros with the highest gains in new listings this July: 

1. Seattle, WA (37.3%)
2. San Jose, CA (30.8%)
3. Columbus, OH (17.4%)

 HOMES ARE TAKING LONGER TO GO UNDER CONTRACT

Buyers in July had more time to consider their options as the median number of days on market grew by five days to 50, compared to the same time last year. 

Those 50 days on market, though, are still eight days shorter than the typical days on market for homes this time of year between 2017 and 2019. 

While mortgage rates have dipped over the past weeks, making a dent in monthly mortgage payments for new homebuyers, the median listing price has held steady at $439,950, showing no change over July 2023 but a 37.7% gain over July 2019. 

Key Details: 

• The Realtor.com® July Housing Report shows the housing market is becoming more buyer-friendly with a 36.6% increase in active listings and an increase in price reductions.

 

Posted by Sarah Lentz | Aug 2, 2024 | Housing Market

https://nowbam.com/housing-inventory-hits-new-post-pandemic-high/

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