Redfin’s latest market report is out and with it, good news for buyers: New listings have seen a major increase! For the four weeks ending November 26, new listings increased nationally by 5.8 percent—the biggest uptick in more than two years.
Some 64,576 new listings came online during the four week period, along with 856,016 active listings. While actives saw a 7 percent decline, it is the smallest drop since June.
San Jose was one of the top five markets with the largest increase of new listings, along with Orlando, Phoenix, West Palm Beach and Houston. Similarly, San Jose had the largest year-over-year increase in pending sales.
When it comes to median sales prices, Anaheim and San Diego were among the top five markets with the largest annual increase during the four week period. Also, housing payments have declined for the fifth week in a row, down more than $150 from peak in August.
“Mortgage rates are dropping due to easing inflation and investors betting the Fed will cut interest rates sooner than expected,” said Redfin Economics Research Lead Chen Zhao. “Declining rates, along with a sizable year-over-year increase in new listings, are leading to more favorable conditions for some buyers. My advice for serious homebuyers is to compare housing costs to recent highs instead of long-ago lows. Housing costs are at their lowest level in three months and it’s unlikely they will drop significantly anytime soon. That makes it a relatively good time to lock in a rate.”