Buyers may finally be getting more housing choices. The number of newly listed homes is showing the most improvement since March. Realtor.com® says its data shows the housing market is gradually moving toward a more balanced one when it comes to inventory. Plus, an overdue seasonal slowdown may be starting to take hold.
Still, the number of homes for sale remains at record lows. Homes are selling 14 days faster than a year ago as demand stays high. However, glimmers of hope for buyers are emerging as more listings hit the market.
“The number of buyers in the market remains well above the seasonal norm, but this week’s data shows sellers may be losing some of their grip when it comes to having the upper hand,” says Javier Vivas, director of economic research for realtor.com®. “For the first time since June, we saw an unseasonably large share of price reductions and a slight softening in buyer demand. Months of double-digit price gains and a record low number of homes for sale may finally be translating into buyer fatigue in many markets. If this continues, we may see price reductions ramp up and quick home sales ease through the end of the year.”
Realtor.com®’s newly released Weekly Housing Report, reflecting data from the week ending Oct. 24, shows a significant increase in the number of new listings over the previous week. Despite the total number of homes available for sale continuing to be down 38% year over year, the housing market has now experienced six consecutive weeks of steady improvements, realtor.com® says.
Although buyer demand for housing still surpasses supply, realtor.com® says its data shows that the U.S. housing market is shifting toward a “more normal buyer/seller balance, which is good news for home shoppers.”