Real Estate Marketing & Beyond
Starved home buyers are finally getting more choices to pick from, thanks to an improvement in the number of newly listed homes since March.
A report from realtor.com shows that the housing market is gradually becoming more balanced as far as inventory is concerned, helped by a seasonal slowdown in sales.
For now though, the number of homes listed for sale remains at a record low, with homes selling 14 days faster now than they were a year ago, due to very high demand. However, buyers have more hope of finding the right property now as the number of listings hitting the market starts rising.
“The number of buyers in the market remains well above the seasonal norm, but this week’s data shows sellers may be losing some of their grip when it comes to having the upper hand,” says Javier Vivas, director of economic research for realtor.com. “For the first time since June, we saw an unseasonably large share of price reductions and a slight softening in buyer demand. Months of double-digit price gains and a record low number of homes for sale may finally be translating into buyer fatigue in many markets. If this continues, we may see price reductions ramp up and quick home sales ease through the end of the year.”
The latest Weekly Housing Report, which reflects data from the week ending Oct. 24, shows that there was a substantial increase in new listings compared to the week before. Although the total number of homes for sale is still down 38% year over year, the market has now seen an improvement for six weeks in succession, realtor.com reported.
Buyer demand for homes still exceeds the available supply, but realtor.com’s experts say the trends suggest the market is shifting to a “more normal buyer/seller balance”, and insists that’s good news for home shoppers.
