Number of Homes for Sale Up from Last Year, but Below Pre-Pandemic Years

Number of Homes for Sale Up from Last Year, but Below Pre-Pandemic Years

The biggest challenge in the housing market right now, and likely for years to come, is how few homes there are for sale compared to the number of people who want to buy. That’s why, if you’re thinking about selling your house, this is a great time to do so. Your house would be welcome in a market that has fewer homes for sale than it did in the years leading up to the pandemic.

 

According to the latest Monthly Housing Market Trends Report from realtor.com:

“There were 65.5% more homes for sale in January compared to the same time in 2022. This means that there were 248,000 more homes available to buy this past month compared to one year ago. While the number of homes for sale is increasing, it is still 43.2% lower than it was before the pandemic in 2017 to 2019. This means that there are still fewer homes available to buy on a typical day than there were a few years ago.”

The graph below shows how today’s inventory of homes for sale compares to recent years:

What Does This Mean for You?

Fewer homes for sale means buyers have fewer choices than they did prior to the pandemic—and that frustration is leading some to give up on the homebuying process altogether. But with mortgage rates sitting lower than they were at the peak last fall, more buyers are willing to come back into the process—they just need to find homes to buy. This is welcome activity for the spring market, especially if you’re thinking of selling your house.

With a renewed interest in buying a home for many, the New York Times (NYT) reports:

“Home buyers are edging back into the market after being sidelined last year . . .”

So, if you want to take advantage of a sweet spot in the market, this spring could be your shot.

Bottom Line

The housing market needs more homes for sale to meet the demand of today’s buyers. If you’ve thought about selling, now’s the time for us to connect and get ready for you to make a move this spring.


Recent Blog Posts

Stay up to date on the latest real estate trends.

San Francisco Market Update - April 2024

In San Francisco, home prices haven’t been largely affected by rising mortgage rates after the initial period of price correction from May 2022 to July 2022. Since Jul… Read more

East Bay Market Update - April 2024

In the East Bay, low inventory and high demand have more than offset the downward price pressure from higher mortgage rates, and prices generally haven’t experienced l… Read more

Prepping Your Home For A Successful Sale

When you're ready to sell your home, doing a little preparation beforehand can potentially help your home sell quicker and for a higher price. 

San Francisco Market Update - March 2024

The median single-family home and condo prices rose meaningfully from December 2023 to February 2024, up 14.1% and 17.9%, respectively. Year-over-year prices also appr… Read more

East Bay Market Update - March 2024

Mortgage rates increased in February, but their strong effect on the market may be waning.

Expert Home Price Forecasts for 2024 Revised Up

Over the past few months, experts have revised their 2024 home price forecasts based on the latest data and market signals, and they’re even more confident prices will… Read more

San Francisco Market Update - February 2024

The median single-family home and condo prices rose meaningfully from December 2023 to January 2024, up 12.9% and 7.3%, respectively. Year-over-year prices also apprec… Read more

East Bay Market Update - February 2024

Mortgage rates were remarkably stable in January, and near-term Fed rate cuts look less likely.

Houses Are Still Selling Fast

Homes are selling faster than the norm for this time of year – and your house may sell quickly too. That’s because more people are looking to buy now that mortgage rat… Read more

Let’s Talk

You’ve got questions and we can’t wait to answer them.