The number of active listings nationwide jumped 31% from a year earlier, a record-high increase for a third straight month, according to a report Tuesday by Realtor.com.
The Federal Reserve’s effort to curb inflation by raising benchmark interest rates has put the brakes on the pandemic housing frenzy. This year’s jump in mortgage costs has sidelined many would-be buyers, and the decline in demand is leaving more homes on the market. Sellers are responding by trimming their prices to compete — a potential bit of good news for shoppers still in the hunt.
Inventory has yet to return to pre-pandemic levels. And even as options increase, competition for homes remains strong, keeping prices elevated. The nationwide median list price in July was $449,000, up 17% from a year earlier and close to the all-time high reached in June. The affordability crunch and remote-work policies have been pushing some people to relocate to less-expensive areas.
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