Listings are up! That’s welcome news for buyers as new data shows that sellers continue to list homes for sale, helping to slow the pace at which for-sale inventory is shrinking.
According to Realtor.com, new listings for this first week of May were up 18 percent from the same time a year ago, adding to gains of 29 percent or more in each of the three previous weeks. The report notes that the market is still solidly under supplied, though, where April saw only three new sellers for every four that would have entered the market during the same month in years 2017-2019.
Total active inventory remains 52 percent below this time last year. Additionally, the time on market was 25 days faster than last year.
The good news is that the uptick in new listings is expected to continue. Realtor.com found that 10 percent of homeowners plan to sell in next 12 months and 76 percent of potential sellers have taken steps to list.