Modest Increase in Home Listings
The recent decrease in mortgage rates has led to more homeowners listing their properties, yet the modest increase in home listings is still not enough to bring the housing market's inventory back to pre-pandemic levels. Active listings in the U.S. rose by 4.9% in December year-over-year, with a significant 9.1% increase in new listings. Despite this uptick, the market remains constrained, with active and new listings still significantly below December 2019 levels. Factors like a decade-long shortage in new home construction and demographic trends contribute to this scarcity. Even with the mortgage rate drop to around 6.66%, many homeowners, who locked in rates below 4%, may still be reluctant to sell, suggesting that the upcoming spring homebuying season could favor sellers in a market with limited inventory.
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Please call Barry Frette at 561-880-5587 to discuss the modest increase in home listings and the lower interest rates.