Number of Homes for Sale at All-Time Low

first_imgHome / Daily Dose / Number of Homes for Sale at All-Time Low January 7, 2021 1,321 Views Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Danielle Hale Homeownership homes for sale Inventory Realtor.com 2021-01-07 Phil Hall Previous: Fannie Mae: Consumer Housing Confidence Update Next: What a Democratic Senate Could Mean for Property Owners Tagged with: Danielle Hale Homeownership homes for sale Inventory Realtor.com in Daily Dose, Featured, Headlines, Journal, News Number of Homes for Sale at All-Time Low Demand Propels Home Prices Upward 2 days ago Share Save  Print This Postcenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The number of U.S. homes for sale dipped below 700,000 for the first time, setting a new low mark for listed inventory, according to the Monthly Housing Trends Report published by Realtor.com.Nationally, the number of homes for sale was down by 39.6% year-over-year, with 449,000 fewer homes for sale compared to December 2019. However, newly listed homes were only down by 0.8% year-over-year, an improvement from the November data when new listings were down 8.7% from one year earlier.On a regional basis, the Western and Northeastern larger markets recorded the greatest year-over-year gains in new listings hitting the market, up 30.8% and 15%, respectively, while the Midwest only managed a relatively anemic 0.2% increase and the South recorded a 4% decline. California’s Bay Area saw the greatest increase in new listings with a 123.8% annualized increase in San Jose and a 98.9% spike in San Francisco, while Nashville had the greatest decline for that period at 19.9%.Realtor.com also reported the median listing price grew 13.4% year-over-year to $340,000, slightly below its peak of $350,000. Regionally, the greatest annual gains were in the Northeast (12.2%), followed by the West (+10.4%), Midwest (+8.6%), and South (+6.7%). Texas’ capital city Austin had the greatest year-over-year median listing price increase at 20%, while Minneapolis was the only major metro going in the opposite direction with a 1.6% decline.Homes sold in 66 days on average last month, 13 days faster than in December 2019, while homes in the nation’s 50 largest metros sold in only 56 days on average on market.“The shortage of homes for sale has been an ongoing issue for the last couple of years, but in December the combination of the holiday inventory slowdown and the pandemic buying trend caused it to dip to its lowest level in history,” said Realtor.com Chief Economist Danielle Hale. “”Looking forward, we could see new lows in the next couple of months as buyers remain relatively active, but a surge of new COVID cases may slow the number of sellers entering the market.”Hale added that improvements in the supply of homes for sale were being forecasted in the second half of the year, although she admitted, that “Until then, finding a home will continue to be a top challenge for buyers across all price ranges.” About Author: Phil Hall Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Phil Hall is a former United Nations-based reporter for Fairchild Broadcast News, the author of nine books, the host of the award-winning SoundCloud podcast “The Online Movie Show,” co-host of the award-winning WAPJ-FM talk show “Nutmeg Chatter” and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill’s Congress Blog and Profit Confidential. His real estate finance writing has been published in the ABA Banking Journal, Secondary Marketing Executive, Servicing Management, MortgageOrb, Progress in Lending, National Mortgage Professional, Mortgage Professional America, Canadian Mortgage Professional, Mortgage Professional News, Mortgage Broker News and HousingWire. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Sign up for DS News Daily Subscribelast_img