Sellers Are Finally Listing Their Homes Again, Redfin Reports | Global News Avenue

Previously hesitant home sellers are returning to the market and listing their properties to take advantage of high home prices and increased buyer activity.

While winter typically means less activity in the housing market, home listings are at their highest level since June, according to a report released Thursday by residential real estate services firm Redfin based on data through Dec. 15.

If this trend continues, long-standing housing shortage resulting in high construction costs and “lock-in effect” may be relieved.

Why do sellers list their homes?

Redfern said many sellers were returning to the market to take advantage of high prices. The company said the current median home sales price in the United States is up 6% from the same period last year, the second largest increase since October 2022.

Additionally, homeowners feel more confident listing their home once it is on the market. presidential election It was finalized in November. Many consumers are hesitant Make big financial decisions before the election,after consumer confidence rose to a 16-month high.

Redfin’s homebuyer demand index, a seasonally adjusted measure of travel and home-buying services offered by its agents, rose 9% from the previous year to its highest level since August 2023, indicating there is also interest on the other side of the deal.

high mortgage interest rate Keeping buyers on the sidelines as they are less willing to swap the ultra-low interest rates locked in during the pandemic for those on offer now. While mortgage rates remain higher than they were a few years ago, average weekly mortgage rates have recently fallen for three weeks in a row, according to Redfin.

This keeps hesitant buyers coming back. Redfin reports Mortgage Purchase Application An increase of 18%, and pending home sales increased by 4.1% from the previous month.

“Buyers are suddenly showing up because they have accepted that 6% to 7% interest rates are the new normal, and they know that if they wait to buy, mortgage rates will likely remain the same but prices will be higher,” Seattle-area Redfin Premier said agent David Palmer.