Inventory woes have plagued the U.S. housing market for years, and were only exacerbated by the Covid-19 pandemic. Small relief may be coming, however, according to a survey released Thursday by Realtor.com.
About a quarter of its 1,300 respondents said they planned to sell their home in the next year, up from 10% in the spring, according to the survey. In addition, 65% of those prospective sellers aim to sell within the next six months, slightly up from the 63% recorded in the spring.
In addition, about 19% of all respondents had already listed their homes, compared to 9% earlier this year, the data showed.
“Recent survey data suggests the majority of prospective sellers are actively preparing to enter the market this winter,” George Ratiu, manager of economic research for Realtor.com, said in a statement. “Buyers should be ready for high asking prices and offer deadlines as seller expectations of the upcoming market are greater than in the spring, but an increase in new sellers could mean some relief from the inventory crunch.”
But those new listings may not hit the market immediately.
“Seasonality will play a key role in seller activity levels as we approach the typically slower holiday period, with new listings already slipping in recent weeks,” Mr. Ratiu continued. “As buyers race against the clock of rising mortgage rates, sellers who price their homes in line with today’s market and stick to their plans will likely see their expectations met.”
And although prices remain well above pre-pandemic levels, growth has started to slow.
“As more homes have entered the for-sale market, price growth has moderated from the spring’s double-digit levels to a more approachable 8% to 9% range,” Mr. Ratiu said.
The median home price in the U.S. was $380,000 in October, up 8.6% compared to last year and up 21.8% compared to 2019, according to a separate report released Wednesday by realtor.com.
Millennials were most likely to be preparing to sell their home, with 49% reporting it was in their plans, the survey found. About 34% of Gen Z homeowners said they planned to list their property soon, followed by Gen X homeowners (26%), Baby Boomers (11%) and the Silent Generation (8%).
Meanwhile, about 54% of millennials have already sold a home in the last six months, as well as 29% of Gen Z homeowners, the report said.
The report did not break down the market by region.
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