Press release
Realtor.com® December Housing Report: Signs Point to Increases in Number of Home Listings and Stable Prices
In December the Number of Homes Actively for Sale Grew 4.4% Year-Over-Year Indicating a More Active Market and Higher Levels of Inventory for Prospective
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[{"type":"text","content":"In December the Number of Homes Actively for Sale Grew 4.4% Year-Over-Year Indicating a More Active Market and Higher Levels of Inventory for Prospective Buyers \nSANTA CLARA, Calif., Jan. 9, 2024 /PRNewswire/ -- For the first time since May 2023 home shoppers are seeing a larger number of unsold homes on the market, according to the Realtor.com® December Monthly Housing Trends Report, released today. Looking ahead, as mortgage rates have been on a downward trend since the beginning of November, Realtor.com® anticipates a positive impact on home-selling sentiment and the possibility that more new listings will enter the market.\n\n\"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.\"\nOn the Up and Up\nHomebuyers typically avoid big moves during the December holiday season unless they absolutely must sell or buy, leading to generally different real estate activity than what is experienced in the peak summer season. Though the market is still not where it was pre-pandemic as active inventory sits 34.3% below typical 2017 to 2019 levels, in December 2023 home sellers were active with 9.1% more newly listed homes compared to last year. When looking at the month-over-month change between November and December, 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. \nDecember 2023 Housing Metrics – National\nMetric\nChange over Dec 2022\nChange over Dec 2019\nMedian listing price\n+1.2% (to $410,000)\n+36.7 %\nActive listings\n+4.9 %\n-30.9 %\nNew listings\n+9.1 %\n-11.8 %\nMedian days on market\n-4 days (to 61 days)\n-16 days\nShare of active ...