We’re seeing more balance in the housing markets, but a second wind could be ahead, according to the latest data from realtor.com®’s Weekly Housing Trends Report.
Key findings:
– Median listing prices increased 9.7% YoY during the week ended Sept.11.
– New listings increased 2.0% after last week’s dip.
– Total active inventory was just 22% lower than last year, improving over the 25.8% YoY decline from last month.
– Days on market decreased by 12 days year-over-year.
The takeaway:
There’s been more balance in the markets, reflecting more typical seasonal fall trends, with more sellers entering the playing field compared to recent weeks. Additionally, listing prices strayed from the last six weeks of single-digit price growth, helping to keep home listing prices near August’s median of $380,000.
“From school backpacks to football, there are many signs around us that a more normal autumn has arrived. But a typical Fall may not be in store for the U.S. housing market, with last week’s data suggesting the season could be busier than usual,” said realtor.com® chief economist Danielle Hale in a statement. “The uptick in home prices is uncharacteristic for this time of year, but offers good news for sellers as median listing prices remain near record-highs. For buyers, the rise in newly listed homes means more options and possibly even some negotiating power in certain markets, especially with price growth expected to ease back in the weeks ahead as we near the best time to buy in 2021.”
