– Realtor.com reported a 7.5% increase in the number of sellers listing their homes in November 2023 compared to the same period the previous year.
– This upswing has been attributed to homeowners taking advantage of the recent surge in home prices.
– Despite this increased supply, the nationwide median list price still rose by 7.9% year-on-year.
– All regions experienced a growth in home listings, but the Northeast saw the highest increase at 13.9%.
– Although the boost in listings is welcomed by potential buyers, experts warn the additional supply isn’t sufficient to balance out the demand.
– There were still fewer homes for sale in 2023 (down 12.0% from November 2022), primarily due to first-time buyers enticed by low mortgage rates.
Real Estate: The Case of the Seller Popularity Contest and the Endless Demand Party
The Unwanted Surprise Party
Just when we thought things couldn’t get any wilder, real estate trends decided to toss us yet another curveball – a 7.5% jump in home listings. It seems homeowners have decided that cashing in on the home price boom is more attractive than chilling in the backyard. The result? A national version of musical chairs with houses on the line instead of seats.
Party Guests: From Everywhere
And don’t you go thinking this is a regional thing. This party is nationwide! Although the Northeast seems to have gotten the earliest invite, with a 13.9% upswing. Sounds like the North has awakened from its winter slumber and decided it’s time to put houses on the market. Now, if only the rest of the party (aka the would-be buyers) could catch up!
A Party Favor That Fell Short
You’d think more homes available would mean a cooling off in prices right? Well, think again. The median list price continues its uphill climb, putting on a 7.9% growth hat. Real estate does love its little ironies, doesn’t it?
The Party’s Over… Or Is It?
Just when first-time homebuyers thought there was hope (bless their hopeful hearts), the troop of economists had to burst the bubble. The cute little 7.5% hike in listings, although fantastic, is seemingly not enough to satiate the hungry homebuying crowd, pushing the imbalance between supply and demand into overtime.
All said, the world of real estate remains as enigmatic as ever, leaving us all on the edge of our seats wondering what will come next. Will the sellers’ party continue? Or will the buyers finally get their well-deserved lemonade break? Time will tell.
So, my hot take on this? It’s like hosting a surprise party to which everyone showed up early, and even after a buffet of additional listings, the guest list (demand) is so long that the hosts (sellers) can’t keep up. Add to that, a 7.9% price hike that’s behaving like that uneasy party guest who just never settles, and you have the story of real estate 2023. The party goes on, my friends, maybe someone should let the neighbors know. It could get louder.
Original article: https://www.inman.com/2023/11/30/home-inventory-finally-showing-signs-of-life-in-november/
