The possibility of a rebound for the housing market exists, but it depends on how those selling and those buying handle the rising rates.
Data from Realtor.com shows a positive shift in April, and if it continues then there could be inventory growth in the near future.
According to Deseret News, the housing inventory in the United States was 12% lower compared to one year ago, the smallest decline since Dec. 2019.
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The reason for this shift is that the demand for housing is continuing. This is while buyers deal with rising costs and mortgage rates.
Many people are looking to upgrade from their starter homes, which may create a bigger inventory for first time homebuyers.
The way this shift can continue is less competition between buyers and a larger number of people selling their homes.
This seems like good news, but there is still a long way to go to fix the housing market.
Active listings are down 60% compared to the start of the pandemic in 2020.
For every 5 available homes for sale in 2020, today there are only 2.
The national median listing price is currently $425,000, which has increased by 14.2% compared to one year ago.
It’s increased by 32.4% compared to two years ago.
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