February Brought More Affordable Listings To The Market

As sellers are forced to adjust to the housing market’s new normal, more affordable inventory is cropping up.  The share of available homes in the $200,000 to $350,000 price range saw the biggest growth of any price category in February, up 20.6% YOY, Realtor.com reported. Though inventory remains tight, money-minded buyers may see an uptick in affordable homes as they shop this spring. Inventory overall saw a boost last month, with the number of homes actively for sale on a typical day up 14.8% from last year. This is the fourth straight month of annual inventory growth. “The first couple of months of 2024 have proven to be positive for inventory levels, as the number of homes actively for sale…

Supply Of Affordable Homes Surged In Q3

The supply of affordable homes in the U.S. rose 13% year-over-year (YOY) in Q3, increasing at a record pace of 1.6% YOY, according to a Redfin report. The report suggests the increase in affordable homes is due to forbearance programs ending, forcing many owners of low-cost homes to put them on the market.  As forbearance programs launched in reaction to the Covid-19 pandemic come to a close, many homeowners are putting those houses on the market. More than 450,000 homeowners have exited forbearance plans in the first two weeks of October. “The end of forbearance has forced many lower-income Americans to put their homes up for sale and become renters,” said Redfin Chief Economist Daryl Fairweather.  “This has caused the…