11/04/2024
Housing Market Shift: Listings Soar to Pre-Pandemic Levels
Even if home prices have not fallen, it might be good to know that you’ve got more choices than a year ago. Realtor.com’s Julie Taylor reports the number of homes for sale is the highest since 2019, including in pandemic “boomtowns.”
The total number of homes for sale in October was 29.2% higher than the year before, marking the 12th consecutive month of growth. “Sellers continued to increase their activity this October. Total active listings increased to highs not seen since before the pandemic,” says Realtor.com® senior economist Ralph McLaughlin in a new monthly housing report. “We noted last month that the sharp decrease in mortgage rates in mid-August could lead to an increase in listings in the coming months as lower rates begin to entice the marginal homeowner to sell.”
Active home listings are up in all four regions of the U.S., the South in the lead with a whopping 34.0% increase, closely followed by the West at 33.6%, the Midwest at 19.8%, and the Northeast, which still saw a healthy uptick of 14.3%.
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