There are more homes for sale today than at any time last
year. So, if you tried to buy a home last year and were outbid or out priced,
now may be your opportunity. The number of homes for sale in the U.S. has been
growing over the past four months as rising mortgage rates help slow the frenzy
the housing market saw during the pandemic.
Lawrence Yun, Chief Economist at the National Association of
Realtors (NAR), explains why the shifting market creates a window of
opportunity for you:
“This is an opportunity for people with a secure job to
jump into the market, when other people are a little hesitant because of a
possible recession. . . They’ll have fewer buyers to compete with.”
Two Reasons There Are More Homes for Sale
The first reason the market is seeing more homes available
for sale is the number of sales happening each month has decreased. This
slowdown has been caused by rising mortgage rates and rising home prices,
leading many to postpone or put off buying. The graph below uses data from
realtor.com to show how active real estate listings have risen over the past
four months as a result.
The second reason the market is seeing more homes available
for sale is because the number of people selling their homes is also rising.
The graph below outlines new monthly listings coming onto the market compared
to last year. As the graph shows, for the past three months, more people have
put their homes on the market than the previous year.
The number of homes for sale across the country is growing,
and that means more options for those thinking about buying a home. This is the
opportunity many have been waiting for who were outbid or out priced last year.