At long last, the housing market is showing signs of revival after rapidly rising prices and the lock-in effect from high mortgage rates have made it tough to buy or sell.
Chen Zhao, Redfin's research head, is confident that the housing market will slowly unlock over the next year as rates continue decreasing and existing homeowners start selling.
New listings are up 3.4% year-over-year. The total number of homes for sale has shot up 18% year-over-year.
Redfin analyzed the 50 biggest US metro areas by population and found that year-over-year, new listings are surging in some metros quicker than others.
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