Existing US Homes For Sale Increased 5% and New Listings Rose 15% During the Four-Week Period Ending March 17th
Redfin Reports Supply Climbs 5%, Biggest Increase in Nearly a Year
Last Thursday, Redfin reported that during the four-week period ending March 17th, the total number of US homes for sale climbed 5%, the largest year-over-year increase since May 2023. New listings rose 15% during the same time period, the biggest increase since June 2021.
Redfin says the surge in listings is bringing some buyers back into the market. Mortgage-purchase applications and Redfin’s Homebuyer Demand index—a measure of requests for tours and other buying services from Redfin agents—are each up approximately 9% month-over-month.
On the other hand, Redfin points out that increasing inventory has yet to dampen price growth. Year-over-year, the median home-sale price is up 5.3%, the largest increase since October 2023, and the median monthly mortgage payment is just $31 below its all-time record high thanks to elevated mortgage rates and prices.
Redfin economists expect mortgage rates to gradually decline throughout 2024, an outlook that was little changed in the wake of the Fed’s decision last week to hold interest rates steady.
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