More listings. Higher prices.
Realtor.com’s Weekly Housing Trends Report released Thursday finds that the latest housing data points to a rebound for the housing market as buyers and sellers begin to return to the market after the economic shutdowns in reaction to the coronavirus pandemic.
“Weekly data shows we have taken the first step in the process of returning to healthy housing conditions: getting buyers and sellers off the sidelines,” said Javier Vivas, director of economic research for realtor.com. “The improvement in new listings this week is a sign the market is on its way to recovery, but the deficit in total inventory will be a drag on sales. Many buyers are ready and itching to get back on the market, so the faster we see sellers return, the faster home sales will recover.”
For the week ending May 23, Reatlor.com’s report found:
- Median listing prices are approaching pre-COVID levels after falling during the pandemic.
- New listings are down 20 percent as more sellers return to the market compared to a week ago (after being down 30 to 40 percent earlier in the spring).
- Total inventory was down 22 percent with signs pointing to rising home buyer interest, and steeper declines in inventory on the horizon unless more sellers list homes for sale.
- Time on market was 16 days slower than last year, as it takes longer to find a buyer and complete a sale in current market conditions.
See market-by-market findings here.