Nationwide, active listings in August were up 36% compared with the same month last year, according to a new report from Realtor.com.
The growth in supply is due to the fact that homes are sitting on the market longer.
“The widely anticipated Fed rate cut has already ushered in lower mortgage rates, but it seems that some buyers and sellers are waiting for additional declines.”That can be seen in weekly mortgage data.
Regionally, active listings rose 46% in the South, 35.7% in the West, 23.8% in the Midwest and 15.1% in the Northeast.
Part of that is due to the mix of homes on the market, as more smaller homes are being listed.
Persons:
”, Danielle Hale, “, Ralph McLaughlin
Organizations:
Nationwide, Mortgage, Association, Midwest, Realtor.com
Locations:
Tampa, San Diego, Miami, Seattle, Denver, West