Listing prices are experiencing the fastest growth since January 2018, realtor.com® reports. The median listing price in the U.S. is 10.1% higher than a year ago, buoyed by low inventory and strong buyer demand, according to realtor.com®’s latest Weekly Recovery Report, covering the week ending Aug. 15.
“With supply and demand moving in opposite directions, sellers are clearly gaining the upper hand in the market as buyer competition builds up and prices gain momentum going into the fall,” says Javier Vivas, director of economic research for realtor.com®. “Buyers hoping to close on a home this year should expect some hot competition, especially if they are looking at more affordable or entry-level housing.” Buyers who want to get ahead of the competition should consider getting preapproved for a mortgage so they’ll be ready to make offers quickly, Vivas adds.
More new listings are gradually coming to the market, which will open up more choices to buyers. “The lack of options of homes for sale has been a key factor limiting buyers in the market, so continued recovery in new listings is key for home sales and overall market health in the coming months,” realtor.com® reports. Homes are spending less time on the market, selling four days faster than last year.
Realtor.com® called it a seller’s market, where sellers are holding the upper hand, homes are selling quickly, and buyers are feeling increased pressure to find a home that fits their needs. The following is realtor.com®’s Recovery Market Index, broken down by major metros. The overall index reading is set to a baseline of 100; the higher a market’s index value, the stronger its recovery.