Active listings are up nearly 8%

Source: Realtor.com

Home buyers in the U.S. got a much-needed boost to start 2024, as both new AND active listings increased in January. That’s according to Realtor.com’s latest market update. Here are the key data points from last month: There was a 7.9% increase in active listings, YOY, the third straight month of annual inventory growth. There was a 2.8% increase in new listings The highest increases in new listings were in Denver (+21.3%), Seattle (+20.6%), and Miami (+20.2%) Homes spent a median of 69 days on the market, a four-day drop from last year and a 13-day drop from January 2019.

Our take

Well, the good news just keeps rolling in this year! This is the first report we’ve seen where both new listings AND active listings have increased year-over-year by a substantial amount. Of course, these increases don’t come close to pre-pandemic norms, but this is still excellent news for buyers. Even with the Fed holding interest rates steady, the 30-year fixed mortgage rate actually fell to 6.63%, the lowest point since December 27th. With buyer purchasing power up, it’s little wonder that houses are selling faster than they were in 2019!

James and David, The Blueprint

February 02, 2024