New listings of homes for sale rose 7.6% year over year in the four weeks ending December 15, marking the second-largest annual increase since June. Higher home prices (up 6% year over year), improved consumer confidence, and growing buyer demand have motivated more sellers to enter the market.
Demand signals are strengthening. Redfin’s Homebuyer Demand Index increased 9% year over year, mortgage-purchase applications rose 18% month over month, and pending home sales are up 4.1%. Also, the National Association of Realtors’ Existing Home Sales Report showed that the average amount a home is on the market is still under 30 days. And home sales are 4% higher than they were this time last year.
The housing market is experiencing an unusually active winter, with both buyers and sellers adjusting to a new normal of mortgage rates between 6% and 7% which is supportive of home pricing acceleration going forward.
Source : https://bit.ly/3BP3TDM
By: Jon Iacono