New home listings see moderate increase

New home listings see moderate increase

New home listings see moderate increase
A growing number of homeowners are finally deciding to list their homes for sale according to new data. This is welcome news for buyers who have been battling one another for the few homes available. Still, the recent uptick in new listings is still not even close to restoring the balance between supply and demand in the U.S. housing market.

Home listings climbed 5.1 percent nationwide over the last three months in a Realtor.com analysis of the 50 largest metropolitan markets in the U.S.

“Low mortgage rates have motivated home buyers to endure this year’s challenging market and now some buyers are starting to see their persistence pay off,” said Danielle Hale, chief economist for Realtor.com. “This month, new sellers added more affordable entry-level homes to the market compared to last year, while others began adjusting listing prices to better compete with an uptick in inventory.”

While the nationwide average of new listings increased this summer compared to last year, other housing markets continue to struggle. In San Diego the new listing count is down 6.1 percent from 2020.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.