Has anyone seen a home seller? Home sellers seem to be just about as rare as the Condor (unlike the red-tail hawk on my fence this morning).
Inventory of available homes for sale across the US fell another 2.5% this week, the lowest since 2019. This is the time of year when we traditionally see more homes coming on the market. Yet, according to Altos Research, there is no indication of an inventory surge coming into the market. Say what?
It is a supply-constrained market. Consumers are price sensitive to interest rates – now near 7% – and it seems sellers sitting on 3% mortgages are not motivated to trade up or out.
The result? 20% fewer homes in the pending process compared to a year ago. Only about 31% of sellers are needing to reduce their initial list price. The median price of new listings is up, yet not near the pace of increases we saw just a year ago. Rents appear to be stabilizing and slowing at the median level of $2,200 per month.
Check out the charts on this link – you can type in your local zip code.
If you are looking for an agent to explain local real estate trends – I know a few all over the US, shoot me a DM or text.
Source: Altos Research US for the week ending 3-5-2023.
One thought to “Has anyone seen a home seller?”