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More listings are hitting the housing market but relief from high prices isn't following

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More homes are starting to hit the housing market as the spring market approaches, a slight reverse of a trend of homeowners deciding to stay put.

FILE - A sign announces a new home has been sold on Tuesday, Jan. 16, 2024, in Kennesaw, Ga. More homes are starting to hit the housing market as the spring market approaches, a slight reverse of a trend of homeowners deciding to stay put with low mortgage rates and an expensive and limited set of options to move into.

But the housing supply is still not going to be enough to lower list prices, which were up 5% year-over-year nationwide. Prices also increased in all 50 of the largest U.S. metro areas, the first time that has happened since July of 2022, according to Redfin. There may be some room for mortgage rates to decline modestly moving forward, but industry economists aren’t expecting anything near what was available during the COVID-era housing market boom.

The White House has taken notice of the lock-in effect and recently announced an initiative aimed at combatting it. President Joe Biden is proposing a pair ofthat would help first-time buyers afford to buy a home and convince homeowners to put their house up for sale.

 

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