Realtor.com is reporting that the number of new homes for sale rose in April 2021, compared to last year, when most cites had shelter-in-place orders in effect. Nevertheless, the number of new listing is still nearly 26% below pre-pandemic levels. As a result, buyers experienced little inventory relief as the median U.S. home listing price, year-over-year increased 17.2% to a new high of $375,000 with homes selling in just 43 days. As sales occurred at a record pace, the number of active listings was down 53% year-over-year, while total inventory — which includes pending sales — was 21.9% lower. In a statement prepared for the release of the report, Realtor.com Chief Economist Dannielle Hale said, “After stay-at-home orders brought the housing market to a halt last spring, especially for sellers who re-thought their plans, 2021 is shaping up to be more typical. That lack of activity is causing this year’s more normal trends to look like a huge improvement, and it is. However, when compared to pre-pandemic levels, it is very clear we are still not on par with the number of sellers we saw in 2017 through 2019, which is helping to drive one of the most competitive seller’s markets of all time. Home prices are continuing to surge, and sales are occurring nearly three weeks faster than a normal spring home-buying season.”
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Housing Demand Hastens Sales