Navigating today's real estate market can be challenging, but there is some encouraging news for potential homebuyers. According to the latest monthly housing report from Realtor.com, the number of homes for sale has been on the rise for seven consecutive months, providing more options for those looking to purchase. While high mortgage rates remain a factor, the increase in inventory, particularly in more affordable price ranges, signals a shift towards a more balanced market. Experts anticipate this trend will continue, making it an opportune time for buyers to explore their options.
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Source: realtor.com | Reposted Houterloot 6/6/2024
Nomebuyers willing to brave today’s high mortgage rates might at least be delighted to find that they have plenty of homes to consider.
In the latest monthly housing report from Realtor.com®, the overall number of homes for sale in May marks seven months of growth.
“The biggest eye-catcher for me is the fact that inventory is rising sharply,” says Realtor.com senior economist Ralph McLaughlin. “There are 35.2% more homes on the market than this time last year, an incredible trend in the direction of normality.”
“While the housing market is still in the seller’s territory, it is expected to shift in a buyer-friendly direction as mortgage rates resume their decline over the next year and the number of homes for sale increases,” says Realtor.com economic data manager Sabrina Speianu.
Home prices rose seasonally
As is typical in the housing market’s warmer months, the national median list price continued to increase seasonally by 0.3% to $442,500 in May, compared with $430,000 in April. (Last year’s May median list price was $441,000.)
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