Homes for sale have hit a post-pandemic high and it's helping make the housing market more buyer friendly, according to new data from the National Association of Realtors' consumer website. The data shows the total number of homes on the market has been increasing for nine straight months, pushing the number of homes actively for sale 36.6 percent higher year-over-year in July and driving price cuts to the highest rate since October. Altogether, it's starting to look like good news for buyers.
“As sellers continue to list homes and buyers become choosier, the time a home spends on the market is extending, thereby helping the housing market move in a more buyer-friendly direction,” Danielle Hale, the website's chief economist, says. “In response, sellers are curbing expectations and reducing listing price more often which could set the stage for more sales this fall, especially if mortgage rates continue to decline.”
[Source: PR Newswire]
