Current State of the Housing Market: Overview for mid-February
A brief excerpt:
Here is a graph of new listing from Realtor.com’s January Housing Trends Report showing new listings were down about 5% year-over-year in January. Although new listings are at a record low for January, the year-over-year decline was smaller in January than in Q4 2022. From Realtor.com:
In January, the number of homes newly-listed for sale declined by 5.4% compared to the same time last year. This is a much lower rate of decline than last month’s 21.0% decrease and November’s 17.2% decrease. However, new listings remain 25.0% below pre-pandemic 2017 to 2019 levels.
And the local markets I track that have reported so far, show new listings were down less in January than in December.
For these areas, new listings were down 9.2% YoY. … Last month, new listings in these markets were down 21.7% YoY. This is a significantly smaller YoY decline in new listings, and something to watch.