Home buyers in Seattle, Silicon Valley, and other expensive markets are experiencing an increase in properties hitting the market as mortgage rates decrease. Realtor.com data shows that newly listed homes for sale climbed 4.2% last month, marking the largest annual increase since the peak of the spring homebuying season. This surge in listings has helped lift active listings by 34% from a year earlier.
The median US home sale price remains near record highs due to a scarcity of properties for sale. The Federal Reserve’s recent interest rate cut has paved the way for lower mortgage rates, offering buyers more purchasing power and making selling homes more appealing for homeowners with fixed-rate mortgages. Sellers are responding to the favorable market conditions by listing more homes for sale.
While home prices in metro Providence have been rising faster than in Boston, experts are optimistic that lower mortgage rates will continue to drive more listings in the coming months. Despite the housing market experiencing a sales slump for over two years due to a lack of inventory, the increase in new listings is a positive development.
The data from Realtor.com indicates that all regions have seen a significant increase in new listings compared to the previous year. This uptick in inventory is good news for home buyers and sellers alike, signaling a potential revitalization of the housing market. Experts expect mortgage rates to continue to drop, leading to more listings and increased activity in the real estate market.
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