In January, home inventory increased by 24.6% compared to the previous year, marking the highest total for any January since 2021. This growth follows a consistent trend of higher annualized inventory levels that had continued for 15 months. Realtor.com attributed this surge in listings to lower mortgage rates, the easing of the lock-in effect, and a resurgence in buyer-seller dynamics. However, overall inventory still lags behind pre-pandemic figures from 2017 and 2019. Despite a slower pace in pending listings, all regions experienced upward trends in inventory, with notable increases in cities like Denver and Las Vegas.
When compared to January a year ago, 24.6% more homes were actively listed for sale, signaling an end to a prolonged standoff between buyers and sellers.
Despite the increase, inventory levels are still below those of 2017 and 2019, indicating ongoing challenges in the housing market.
Key drivers for the increase in listings included lower mortgage rates and the easing of the lock-in effect, suggesting a potential market shift.
Pending listings grew 1.8% year over year, a sign of gradual recovery, although lower than December's 7.4% annualized increase.
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