Housing Supply Makes A Record Jump

Redfin reported that housing supply posted a record increase last week as homes remain on the market longer. The number of homes for sale jumped 15% YoY, and days on market also grew. This indicates that increased housing supply is the result of houses staying on the market longer, not new listings.

Here are the key takeaways:

  • The typical home that sold was on the market for 37 days, up from a record low of 17 days in June and up from 28 days a year ago.
  • Just 30% of homes sold within two weeks, the lowest share since January 2020.
  • Active listings (the number of homes listed for sale at any point during the period) were up 15% from a year earlier, the biggest annual increase since at least 2015.

Our take

Good agents can make deals happen in this market. Mortgage rates have stabilized slightly, and great homes are becoming available. Homes will sit on the market if sellers are unrealistic. Buyers have more options now. So managing expectations is key.

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