Realtor.com: Days On Market Grows For The First Time In Over Two Years
Summary
Additionally, August home shoppers had more active listings to choose from than last year as the national inventory climbed 26.6% year-over-year, even as new sellers continued to pull back. "For many of todays buyers, the uptick in for-sale home options is taking away the sense of urgency that they felt during the past two years, when inventory was scarce. As a result of this shift coupled with higher mortgage rates, competition continued to cool in August, with listing price trends indicating that home sellers are noticing shoppers tightening their purse strings," Danielle Hale, chief economist for Realtor.com, said. Location also matters; our 2022 Hottest ZIP Codes show that competition for homes remains fierce in many markets in the Northeast, which was also the only region where inventory declined from 2021 levels in August. Regardless of where you live, its important to rate-proof your budget by contingency planning for various monthly housing cost scenarios, as mortgage rates will likely continue to fluctuate through end-of-year."
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