When there aren't enough homes for sale, the market is more challenging for home buyers. For one, there aren't as many options to choose from, which means buyers will have a harder time finding a house that fits their needs. Beyond that, too few available homes puts upward pressure on prices due to bidding wars and increased competition. That's why new data from the National Association of Realtors' consumer website is good news for potential buyers. The website's January Housing Report found the number of homes actively for sale was up 7.9 percent in January, with newly listed homes up 2.8 percent. The increases are a much-needed boost, as the number of homes for sale still trails pre-pandemic levels.
Danielle Hale, the site's chief economist, says buyers and sellers are ready. “We are seeing increases in inventory and, importantly, gains in newly listed homes for sale indicating sellers are more ready to make moves,” Hale said. “Time on market fell, signaling that buyers are ready to make offers on these new options.”
[Source: PR Newswire]
