Posted 3/15/2024, 4:03:00 PM
Home Listings See Biggest Jump in Months As Sellers Adapt to Rates, But Buyers Still Chasing Limited Supply
- New listings jumped 14.8% year-over-year in February, the highest increase since May 2021, driving momentum in housing supply growth
- Sellers are more accustomed to higher mortgage rates now and coming off the sidelines to list their homes
- Mortgage rates have eased from 2022 highs but remain elevated, likely to stay higher for longer
- Home sales fell 3.5% annually while prices rose 6.6%, showing demand still outpacing supply
- White House 10-point plan aims to relieve inventory shortage, including credits for first-time buyers and incentives to build 2 million new homes