Number Of New Listings Slows From Last Year

Because building more homes is the easiest way to solve the problem of too few homes for sale, new residential construction gets a lot of attention. But the number of homeowners listing their homes for sale also plays a role in determining current inventory. And, if new numbers from the National Association of Realtors’ consumer website are any indication, there are fewer homeowners selling houses this year than there were last year at the same time. According to the numbers, new listings have fallen 3.4 percent since last year, with entry-level inventory seeing the largest declines. In fact, the number of homes listed for sale under $200,000 has dropped 15.2 percent year-over-year. Homes between $200,000 and $750,000 fared better, with a decline of 4.3 percent. Homes priced above $750,000 saw the only increase, rising 1.3 percent. What this means is that first-time home buyers and those looking for a mid-tier house may face increasing competition in the months ahead. Buyers looking for affordable homes should make sure to be prepared and ready to act when they find a home that meets their needs. More here.

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