The US housing market is showing signs of improvement for buyers, according to a report from Redfin. The median sale price rose 3.7% annually, the smallest year-over-year increase since September, while the weekly average mortgage rate dropped to 6.87%, its lowest this year.
There are now five months of housing supply on the market, an increase from last year’s 4.1 months. New listings have also increased by 4.2% and hit their highest level in three years. Buyers can negotiate with homes sitting on the market for longer, taking an average of 57 days to find a buyer.
“It’s when a home needs work or is priced too high that it sits on the market,” said Cody Brownfield, a Redfin Premier agent. “But updated homes priced right are selling quickly and buyers can get significant discounts.”
The US housing stock gained $2.5 trillion in value last year, with the total value of US homes now over $49.7 trillion. This represents an annual increase of 5.2%, the slowest rate since 2019, but still a significant growth from 2014 when the total value was $23 trillion.
Source: https://www.mansionglobal.com/articles/u-s-home-market-is-finally-tilting-in-the-favor-of-buyers-bf214f09