Housing Inventory Stabilizes in DecemberBy RISMedia Staff
Home inventory, both new and active, appears to be stabilizing, giving positive signs for the housing market in 2024, according to a new report from Realtor.com.
Realtor.com’s Monthly Housing Trends Report for December found that while homebuyers typically avoid big moves during the holiday season, this season saw some positive changes in the market from previous years. Though the market is still not where it was pre-pandemic as active inventory sits 34.3% below typical 2017 to 2019 levels, home sellers were active in December with 9.1% more newly listed homes compared to last year. When looking at the month-over-month change, a time when the decline in inventory has historically hovered between 6.8% and 13.2%, this year there was a more modest 5.5% decrease, indicating a much smaller than typical drop for this time of year. Key highlights:
“Across the U.S. we’re seeing improvements in inventory levels, especially in the South, which experienced a 7.7% increase in active listings year-over-year,” said Danielle Hale, chief economist, Realtor.com® “While the uptick in December inventory levels is encouraging, it is important to note that two-thirds of outstanding mortgages in the U.S. have a rate under 4% and more than 90% have a rate less than 6%. We are optimistic that inventory levels are moving in a positive direction, but the number of homes on the market is still low relative to pre-pandemic levels. Some sellers are clearly motivated already, but other households may hold out for lower rates before selling or moving to new homes.” For the full report, click here. |
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