The housing market is becoming increasingly favorable for buyers, with a 27.7% year-over-year increase in active inventory, easing competition, and steady prices. Jiayi Xu from Realtor.com attributes this to rising buyer and seller confidence, despite economic challenges. The inventory has been expanding for 83 consecutive weeks, reaching its highest level since December 2019. However, compared to pre-pandemic levels, availability remains below average, especially in the Midwest and Northeast. Homes are selling slightly faster, yet listings are still taking longer than during the pandemic, reflecting ongoing market adjustments.
Rising inventory, easing competition, and relatively steady prices are creating a more buyer-friendly market compared to last year, says Jiayi Xu, economist at Realtor.com®.
Both buyer and seller sentiment have improved, accompanied by easing concerns about job security and personal finances, adds Xu.
The report found that active inventory climbed 27.7% year over year, with homes actively for sale remaining on an upward swing.
Market pace continues to ease annually, with the typical home spending six more days on the market compared to last year, says Xu.
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