The number of homes on the market increased 15% year over year during the 4 weeks ending Dec. 4, while new listings declined by 20%, according to new data released Thursday by Redfin.
The supply of American homes posted a record increase as more residential property lingers on the market, according to a new analysis released Thursday by Redfin.
The total number of homes on the market increased 15 percent year over year during the four-week period ending Dec. 4 — the biggest uptick since at least 2015 — while new listings declined by 20 percent, indicating that homes are sitting on the market for longer as buyers wait for mortgage rates to decline, according to Redfin.
Rates have in fact declined slightly from their highs of over 7 percent in early November — hitting 6.33 percent this week, according to Redfin — causing Redfin’s Homebuyer Demand Index to increase 5 percent in the past week.
Mortgage rates will play the biggest role in determining how the market will play out in 2023, with prices not expected to drop significantly. Home sale prices did fall during the four-week period ending Dec. 4 in 11 of the 50 most populated metropolitan areas in the U.S., mostly in California, according to Redfin.
They also declined less than 1 percent in Phoenix — a small decline, but one that marks the first time they’ve declined in Phoenix since at least 2015, according to Redfin.
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