The housing market supply is on the rise, marking the most significant increase in nearly a year. Here are some encouraging developments in the real estate market.
A Surge in Listings
According to the latest report from Redfin Real Estate News,
“…the total number of homes for sale in the US has climbed by 5%. This is the biggest year-over-year uptick since May 2023.”
For a long time, the housing market has been plagued by low inventory, causing many potential buyers to hesitate in purchasing their dream homes. This recent surge in listings is bringing more buyers back into the market.
Mortgage Applications on the Rise
Along with the increase in inventory, we’re also seeing a rise in mortgage applications. This trend indicates that buyers are ready to make their moves. It’s an exciting time as more people feel confident about entering the market.
Price Growth Continues
Despite the increase in inventory, home prices continue to grow. Redfin reports that,
“…the median home sale price is up nearly 6% year-over-year, the second-largest increase since October 2022. While mortgage rates are still trending higher, they are expected to gradually decline throughout the year.”
Seize the Opportunity
With this surge in inventory and a favorable market outlook, now is a great time to explore your options.
Bottom Line
The rising inventory and steady price growth present a unique opportunity for both buyers and sellers. Whether you’re looking to purchase your dream home or considering selling, the current market conditions are favorable. Don’t miss out on this chance to make a strategic move in the real estate market.