The number of homes for sale in the US has reached a record high, with 29.2% more active listings this October compared to last year, according to Realtor.com. This surge is driven by new listings, which increased 9.9% year over year, with some regions experiencing even higher growth rates.
The West and Northeast saw the largest increases in new listings, while pending sales also rose significantly in areas like Seattle, Boston, and San Diego. Despite rising mortgage rates, existing home sales remained low, but the data suggest that sellers responded to the recent fluctuations in interest rates, leading to a rebound in selling activity.
However, with Freddie Mac reporting a sharp rise in mortgage rates to 6.72%, this could potentially dampen the trend. Median prices remained flat at $424,950, still 37% above pre-pandemic levels in October 2019. The increase in new listings and pending sales indicates that home sales may start to pick up in the late fall, marking a potential yearly gain after three years of decline.
Source: https://www.mansionglobal.com/articles/u-s-home-selling-spiked-in-october-as-mortgage-rates-dipped-2914b3b9?gaa_at=la&gaa_n=AWsEHT7miEYENk5STvtCPPgSwWUC8eZH7xXUxU0T-wAH6P-MQnDeEiEPZHwew7N_VwIAO-xnRrqHOxsMdnzZ&gaa_ts=6727c8c1&gaa_sig=snRrjGTX_Vih1-JhrTVlZc7BlyAPBzDHVLXymNzUgJRkPTtNwhf0PElPgvD8wVCXqBtNLRweGHOJM6rJoXs60g==