Press release
Realtor.com® February Housing Report: More Choices for Buyers as Inventory Recovery Continues at Breakneck Speed
In February, active inventory rose 68% above a year ago; Austin, Las Vegas and San Antonio are first markets to recover pandemic inventory shortages and
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[{"type":"text","content":"In February, active inventory rose 68% above a year ago; Austin, Las Vegas and San Antonio are first markets to recover pandemic inventory shortages and surpass pre-pandemic levels\nSANTA CLARA, Calif., March 2, 2023 /PRNewswire/ -- The U.S. supply of homes for sale rose at a record annual pace for the sixth month in a row, up 67.8% year over year in February, signaling the housing market's continued rebalancing, according to the Realtor.com® Monthly Housing Trends Report released today. Despite the significant increase in inventory over last year's record lows, home prices are still growing, albeit at a slower pace of 7.8% over last February, a sign of still-high hopes from home sellers entering the market.\nWhat it means for homebuyers, sellers, and the housing marketIn a market with conditions that don't particularly favor buyers or sellers, both will likely have to make compromises to make a deal happen. As mortgage rates continue to fluctuate and increase the cost of buying a home, it's important for sellers to price their home appropriately to attract buyers in the market. For buyers, it's critical they make the best offer they can on a home that fits their needs and budget. Realtor.com®'s mortgage calculator can help home shoppers estimate monthly payments quickly and easily as rates change from week to week.\n\"The number of homes for sale on the market is up significantly from a year ago, even though fewer homeowners have listed their home for sale in recent months. High home prices and mortgage rates continue to cut into buyer interest and homes are taking more than three weeks longer to sell than last year,\" said Danielle Hale, Chief Economist for Realtor.com®. \"With a smaller pool of buyers today and more competition from other homes on the market, homesellers will likely need to adjust their price expectations in the market this spring.\"\n\"For many, shopping for a new home often begins or picks up as we head into the warmer months, which is right around the corner,\" said Clare Trapasso, executive news editor at Realtor.com®. \"Potential buyers looking to take advantage of more homes to choose from and a less competitive pace also have more negotiating power than they did a year ago. So if a home has been on the market a while without receiving any offers, they may want the seller to contribute to their closing ...