Tag Archives: Average Days on Market

Month-over-month, pending home sales rose 4%, the biggest increase in over two years. A new report breaks down the latest, including the resurgence of bidding wars.

In August, active inventory shrank compared to last year (-7.9%), despite an unusual increase from July in newly listed homes, signaling a potential return of seller activity heading into fall.

Home prices were up 3% year-over-year, despite stunted demand due to a shortage of homes, as inventory nationwide posts its biggest slide in 18 months.

July marked the first month-over-month decline in home sales since earlier this year in April, a signal that may mark the peak has passed for the typically busy summer buying season.

The median U.S. home-sale price is up 3.2% year over year, the biggest increase since November, and mortgage rates remain elevated.

As reported by Realtor.com, home prices rose by 0.9% in May 2023, landing below numbers during pandemic and going further back to 2016.

”Buyers and sellers alike are looking towards the upcoming Federal Reserve meeting with hope, as some experts anticipate the reversal of rate hikes, which could potentially lead to a resurgence in activity.”

Buyers in some locations have been met with better-than-expected inventory numbers as inventory has recovered nearly 70% year-over-year.

“As we predicted in December, the beginning of 2023 is proving to show slow market activity, as both net new listings and contract volumes are sitting at multi-year lows,” said Jermey Sicklick, Co-Founder and CEO of HouseCanary.

With costs continuing to rise and buyers increasingly priced out of their local markets, a Redfin report examines how long houses are remaining up for sale before purchase as a result.