Realtor.com’s Weekly Housing Trends Report for the week ending May 23 shows improvement in new listings, as well as an uptick in home prices as buyers and sellers return to the market.
“Weekly data shows we have taken the first step in the process of returning to healthy housing conditions: getting buyers and sellers off the sidelines,” says Javier Vivas, director of economic research for realtor.com. “The improvement in new listings this week is a sign the market is on its way to recovery, but the deficit in total inventory will be a drag on sales. Many buyers are ready and itching to get back on the market, so the faster we see sellers return, the faster home sales will recover.”
Some key findings for the week:
- Median listing prices have regained momentum, and growth is now approaching pre-COVID levels.
- New listings are down just 20 percent as more sellers return to the market compared to a week ago. Year-over-year declines in new listings continue to improve, but are not quite back to normal levels yet.
- Total inventory was down 22 percent, with signs pointing to rising home buyer interest and steeper declines in inventory on the horizon unless more sellers list homes for sale.
- Time on market was 16 days slower than last year, as it takes longer to find a buyer and complete a sale in current market conditions.
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