The tide is turning in favor of U.S. homesellers, who are set to benefit from a slowing in new listings coming to the market.
Last month, U.S. homesellers added 40,000 new listings to the market last month, an increase of only 2.8 percent year over year, according to Mansion Global.
While it brings an end to an oversupply of housing stock that came online in 2018 and the first half of 2019, the slow in listings provides homesellers an advantage, with less options for homebuyers.
The shift can be attributed to a strong economy and lower mortgage rates. Last month, the median asking price for a home reached its highest point for the year, at $316,000.
It follows a growing trend of declines in major housing markets across the country. In February, home sales dipped 4.2 percent in 54 metro areas, while inventory grew 5.8 percent compared to the previous month, according to a survey by residential brokerage RE/MAX.
Some signs of a slowing housing market emerged earlier this year. One study released in March found that median home prices are unaffordable in 75 percent of U.S. counties. [Mansion Global] – David Jeans