More homes to choose from
On the hunt for a home? You now have the most options since 2013. According to a new report, the number of new listings was up 8 percent last month — its highest uptick in more than five years.Verify your new rate (Jul 14th, 2020)
A changing market
According to new data from Realtor.com, new listings were up significantly last month, jumping 8 percent — or 465,000 listings — over August.
Realtor.com’s Chief Economist Danielle Hale called it a “key inflection point” — and a reason for optimism among today’s buyers.
“There are still more buyers in the market than homes for sale,” Hale said. “But in some, the competition is among sellers to attract buyers.”
The jump in inventory is one of the many reasons behind slowing home price growth. Prices were up 7 percent over the year in September — down from the 10 percent jump seen last year at this time.
Though prices haven’t started decreasing just yet — and likely won’t anytime soon — Hale predicts the jump in listings “will eventually shift the market from a seller’s market to a buyer’s market.”
Where new listings rose the most
San Jose, California, saw the biggest jump in new listings in September, with a 113 percent increase year over year.
Other cities with big increases in new listings were: Miami (79 percent), Tampa (65 percent), Jacksonville (54 percent) and Orlando, Florida (50 percent); Nashville (27 percent); San Diego (24 percent); San Francisco (23 percent); and Boston (20 percent).
In total, new listings are up 6 percent across the nation’s 45 biggest metros.Verify your new rate (Jul 14th, 2020)
Get today’s mortgage rates
Want to take advantage of the growing housing inventory? Shop around and see what mortgage rates you qualify for today.Verify your new rate (Jul 14th, 2020)