Press release
Realtor.com® January Housing Report: January 2024 Marks the Third Consecutive Month of Annual Inventory Growth
Data Showed a 2.8% Increase in Newly Listed Homes for Sale Compared to the Same Time Last Year SANTA CLARA, Calif., Feb. 1, 2024 /PRNewswire/ -- Sellers
About this update from News Corporation
[{"type":"text","content":"Data Showed a 2.8% Increase in Newly Listed Homes for Sale Compared to the Same Time Last Year\nSANTA CLARA, Calif., Feb. 1, 2024 /PRNewswire/ -- Sellers became more eager this January as new data indicated they're getting ready to sell, if not already there. The number of homes actively for sale was notably higher compared to last year, growing by 7.9%, according to the Realtor.com® January Housing Report released today. With the rise in inventory, median listing prices remained relatively stable, experiencing a growth of 1.4% compared to the same time last year, while time spent on market dropped to more than two weeks shorter than pre-pandemic levels.\n\n\"We are seeing increases in inventory and, importantly, gains in newly listed homes for sale indicating sellers are more ready to make moves. Time on market fell, signaling that buyers are ready to make offers on these new options,\" said Danielle Hale, Chief Economist of Realtor.com®. \"While the drop in mortgage rates since last fall has helped boost buyer purchasing power, rates may not fall as quickly in the months ahead, and the anticipated improvement in affordability may be more uneven.\"\nJanuary 2024 Housing Metrics – National\nMetric\nChange over Jan 2023\nChange over Jan 2019\nMedian listing price\n+1.4% (to $410,000)\n+41.5 %\nActive listings\n+7.9 %\n-40.1 %\nNew listings\n+2.8 %\n-26.0 %\nMedian days on market\n-4 days (to 69 days)\n -13 days\nShare of active listings with price reductions\n-1.3 percentage points \n(to 14.7%)\n-1.4 percentage points\nNew Listings IncreaseIn January, more than half of the 50 metros included in the analysis saw new listings increase over the previous year, with some of the largest growth happening in Denver (+21.3%), Seattle (+20.6%) and Miami (+20.2%). On the flip side, there were places that also saw declines in new listings including Chicago (-16.4%), New Orleans (-14.7%), and Philadelphia (-12.9%).\nGrab 'em While They're HotCompared to January 2023, the typical home spent four less days on the market. In some spots, the time spent on the market decreased even more with Las Vegas (-19 days), Phoenix (-14 days) and San Francisco (-13 days) seeing the most decline. Other areas saw an increase in time on market including Indianapolis (+6 days), New Orleans (+4 days), and Birmingham, Ala. (+3 days). Only a handful of markets saw ...