Press release
Realtor.com® April Housing Report: Inventory Readies to Rebound
In April, the U.S. supply of active listings posted the smallest year-over-year decline (-12.2%) since the end of 2019, led by gains in the share of mid-sized
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[{"type":"text","content":"In April, the U.S. supply of active listings posted the smallest year-over-year decline (-12.2%) since the end of 2019, led by gains in the share of mid-sized homes\nSANTA CLARA, Calif., May 10, 2022 /PRNewswire/ -- New data suggests that the U.S. housing supply is readying to rebound, as active listings posted the smallest year-over-year declines (-12.2%) since December 2019, according to the Realtor.com® Monthly Housing Trends Report released today. Inventory improvements were led by increases in the share of mid-sized homes, which could mean more listings available to families looking to upgrade from their starter homes – which could, in turn, potentially result in an uptick in first-time buying options.\n\"April data suggests a positive turn of events is on the horizon for weary buyers: If the trends we're seeing now hold true, we could potentially see year-over-year inventory growth within the next few weeks,\" said Danielle Hale, Chief Economist for Realtor.com®. \"The key to this growth will be the continuation of softening buyer competition and an increasing number of sellers putting homes on the market. While home shoppers are still seeking relief from record-high asking prices and all-time low supply, when compared to the past two-plus years of double-digit annual inventory declines, an imminent rebound is welcome news – a real estate refresh, if you will. There's a long uphill climb to balance, but it starts with heading in the right direction, and April data shows a lot of promise.\"\nApril 2022 Housing Metrics – National\nMetric\nChange over April 2021\nChange over April 2019 \nMedian Listing Price\n14.2% (to $425,000)\n33.8%\nMedian Listing Price per Square Foot\n15.1%\n45.3%\nActive Listings\n-12.2%\n-66.8%\nNew listings\n-0.9%\n-14.6%\nMedian Days on Market\n-6 (to 34 days)\n-25\nInventory charts an accelerated path towards growth, led by mid-sized family homesIn April, the U.S. supply of for-sale homes showed multiple signs of accelerated improvements, as higher mortgage rates cut into some buyers' flexibility to compete. Although new listings declined year-over-year, so did the number of homes under contract, suggesting that softening demand is cooling the feverish pace of home sales. As a result of these combined trends, the gap in active listings from last year continued to shrink, led by increases in the sha...