The real estate market, initially supercharged by the pandemic, has shifted, with October seeing the highest number of homes for sale since 2019, including significant increases in pandemic boomtowns like Austin, Memphis and Orlando.The housing market is finally giving buyers some breathing room.
In October alone, available homes surged 29.2% from last year, marking a full year of growth in listings, according to an analysis byHomeowners nationwide are throwing up “For Sale” signs in droves, especially in former pandemic hot spots like Austin, Memphis and Orlando.Nationally, active home listings rose 29.2% year-over-year, marking 12 months of growth as more sellers entered the market, encouraged by lower mortgage rates.
He adds that a dip in mortgage rates back in August might have pushed homeowners on the fence into action, leading to even more listings hitting the market.The West is seeing a 7.0% uptick in newly listed homes compared to last October. Markets like Baltimore, DC and Seattle are leading the pack, with newly listed homes jumping by 24.9%, 19.4% and 17.5%, respectively.
According to McLaughlin, “when a change in the mix of inventory toward smaller homes is accounted for, the typical home listed this year has increased in asking price compared with last year.”Despite this supply surge, median home prices remain steadily at $424,950 , and the price per square foot rose 2.1% year-over-year, reflecting a trend toward higher-priced, smaller homes.And while the sticker price might look stable, the price per square foot is anything but, increasing by 2.
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