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Last updated on April 26th, 2021 at 09:02 am
The new listing dropped by 25% when the weather across most of the country was extreme, and the prices keep hitting a new high.
Compared to last year there are nearly 50% fewer homes for sale now. While the median listing price increased 13.7% to $353,000; crossing the peak price of 2020
so unless the trend changes buyers will be in for a much more competitive homebuying season than last year reports the Monthly Housing Trends Report of realtor.com.
realtor.com Chief Economist Danielle Hale said because of the brief period of cold and snowstorms in February sellers have paused and unless some big improvements in the new listings trends over the coming months’ buyers can expect stiff competition and affordability challenges because of the increase in home prices and mortgage rates.
According to data from realtor.com, 14.8% of the year’s total new listings came to market in January and February in 2017-2019, but the pandemic scared off many would-be sellers later.
During the first two months of 2021, approximately 207,000 fewer homes were listed for sale, compared with the last four years.
Data says that the new listings must increase by 25% year-over-year in March and April to be equal to April 2020’s levels.
New listings were down 24.5% year-over-year, because of the February storm with the biggest drop of 35.2% happening in the third week of February.
In February, the housing inventory in the 50 largest U.S. metros declined by 47.4% compared to last year, an increase from January’s 41.8% decline.
In February the typical home spent 70 days on the market, which is 11 days less than in 2020.
Even in the 50 largest U.S. metros the time on the market where the typical home sold was in 48 days, which is 12 days less than last year’s record.
Reference Source: PR Newswire
