Active inventory increased year-over-year (8%) for the first time in nearly three years.
The real estate refresh continues as new data suggests the housing market hit a turning point in its supply struggle in May. The inventory of active listings has returned, recording the first year-over-year increase since June 2019, according to the Realtor.com monthly housing trends report released today. At the same time, the median national home price soared to an all-time high of $447,000, and buyers snatched up listings a week faster than last year.
She explained, “While this real estate refresh is welcome news in a still undersupplied market, it has yet to make a dent in home price growth, partially due to increases in newly-listed, larger homes and because the typical seller outlook is quite high, likely shaped byof homeowners who sold. Importantly, as 72% of this year’s sellers also plan to purchase a home, seller expectations will likely start to reflect buyers’ needs.
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