A shortage of homes for sale and record low interest rates are creating a competitive home shopping summer, realtor.com® notes in its Weekly Recovery Report. The housing market is getting closer to pre-pandemic levels.
“Today’s market remains tipped in favor of sellers as would-be spring buyers are shopping well into what would normally be summer vacation season,” says Danielle Hale, realtor.com’s chief economist. “Home buyers, trying to take advantage of record low mortgage rates and make up for lost time, are finding limited and more expensive options. Although sellers are slowly acclimating to this unexpected surge in buyer interest, inventory is still lagging behind demand, which is driving quick time on market and listing price growth on par with this time last summer.” The West continues to lead the recovery, now pushing ahead of its pre-pandemic benchmark. The Northeast and West especially are pushing ahead of their pre-pandemic benchmarks.
Housing shortages continue. Over the last three weeks combined, new listings are down an average of 14% from a year ago. Also, median listing prices continue to increase at 7.9% over last year, which is faster than the pre-pandemic pace.
Source: National Association of Realtors, Realtor Magazine,
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