The lack of available homes for sale has been an issue for years now. It's pushed prices higher and led to a fast-moving market, where attractive listings only last a few days before they've collected multiple offers from competing buyers. Put simply, it's been challenging for home shoppers. But a new analysis from the National Association of Realtors' consumer website offers some encouragement for buyers who may need the good news.
The website's most recent monthly Housing Trends Report found that the number of active listings in April posted the smallest year-over-year decline since December 2019. Of course, that means inventory is still down from one year ago. But the 12.2 percent drop from last April is a big improvement over the month before when the decline was nearly 19 percent.
Danielle Hale, chief economist for the website, says the trend is positive. “April data suggests a positive turn of events is on the horizon for weary buyers: If the trends we're seeing now hold true, we could potentially see year-over-year inventory growth within the next few weeks,” Hale said. That's great news for prospective buyers, as it would mean more choices, less competition, and slower price increases.