The spring housing market is seeing an uptick in new listings, rising by 8.2% year-over-year, as some homeowners respond to lower mortgage rates. Despite this increase, pending home sales have shown minimal growth, suggesting potential buyer hesitation. Active listings have surged by 29.1% compared to last year, which allows buyers more options but still remains below pre-pandemic levels. Homes for sale are taking longer to sell, indicating a cooling market as buyers navigate high borrowing costs, providing them with better negotiating power.
As mortgage rates this month dipped below both February and last year's levels, some homeowners jumped on the opportunity to put their homes on the market, offering buyers more options.
This year-over-year inventory growth gives buyers more choices and encourages more competitive pricing among sellers. However, the inventory level is still below pre-pandemic norms, and supply constraints in many markets continue to limit buyer flexibility.
While this is a modest increase, and is trending downward, it continues a long-standing trend and reflects buyer hesitation amid high borrowing costs.
While this trend spells bad news for sellers, it is working in buyers' favor by offering them more leverage and room for negotiations, and allowing time for comparison shopping.
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