New Listings Jumped Up Big in January

New listings increased by 43.5% month-over-month in January. That’s according to Zillow’s latest market update. Here’s what else happened last month:
  • New listings rose by 5.8% YOY
  • Total active listings increased by 1.5% month-to-month and 3.2% YOY
  • The highest rises in listings YOY were in San Diego (27.7%), Miami (21.9%), and Riverside (20.1%)
  • Listings sold in 29 days, which is 19 days faster than pre-pandemic norms
  • The typical home in the US was $344,159, and the typical monthly mortgage payment, assuming 20% down, was $1,760.

Our take
While the 43.5% jump is still below pre-pandemic norms, it’s a huge step in the right direction. The fact that the TOTAL number of active listings rose, not just new listings, is even better news. As we noted last week, lots of homeowners want to sell even if they have sub-5% mortgages. While the situation will fluctuate as mortgage rates rise and fall, we genuinely believe that agents are in a better position to acquire new listings this spring season than last.

 

James and David, The Blueprint