Current Market Data
Total housing inventory rose 39.9% from February 2022 to 9,230 units, while new listings totaled 5,416, Atlanta REALTORS® Association said.
The supply of new homes for sale ticked lower from February, according to government figures.
The annual rate of 4.58 million sales was up 14.5% from January but down 22.6% from the February 2022 rate of 5.92 million.
Nationally, the week of April 16-22 is likely to provide sellers with the most favorable conditions for a successful sale of any week of the year, although the exact timing varies widely by market.
A shortage of existing-home inventory is driving more people to the market for newly built homes.
Increased mortgage rates have sidelined many would-be buyers, allowing inventory levels to increase. As a result, buyers can now “shop around” more than during the peak of the pandemic, putting the burden of concessions back on sellers.
Homebuilders expressed “cautious optimism” that the lack of existing inventory would drive demand for new homes despite high construction costs and interest rates, the National Association of Home Builders reported.
There are 58 less million-dollar cities in the U.S. than there were in July of last year, according to a new report from Zillow.
The Mortgage Bankers Association noted the increase in borrowing activity came despite the 30-year fixed mortgage rate climbing to its highest level since November 2022.
As rising mortgage rates cool the market, the share of U.S. homes worth at least $1 million has fallen from an all-time high last year.
In January, home prices were up 5.5% annually and down 0.2% monthly, CoreLogic reported, citing its monthly Home Price Insights report.
Buyers have more choices as inventory makes a fast recovery, according to a new Realtor.com report.
At the same time, new and active listings of homes declined, Georgia MLS reported, citing its 12-county Housing Market Snapshot.
Days on market rose, while existing-home sales fell, according to the March edition of the Housing Scorecard.
People staying in their homes longer is contributing to the lack of inventory that continues to impact buyers.
Boise, Idaho, topped the rankings in a new report by MyEListing.