The total number of homes for sale in March increased by 23.5% compared to last year, marking a significant rise in housing supply after a prolonged period of stagnation. This growth in inventory follows 17 consecutive months of decline prior to this upturn.
In March, 15% of homes for sale had reduced prices, matching the highest levels seen in March 2019. This trend indicates increased seller flexibility and willingness to adjust expectations, possibly due to changing personal situations and a desire not to delay moves.
Home sellers are becoming more flexible due to changing personal circumstances and a reluctance to postpone decisions. With evolving family and job situations, homeowners are opting not to delay moving anymore, resulting in a healthier housing market.
Realtor.com's Chief Economist Danielle Hale predicts a sideways movement in home prices this year, with a typical climb from spring to summer. The expectation is for prices to remain relatively stable, with many buyers already stretched in their budgets and other housing options available.
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