The housing market has faced significant challenges in recent years due to limited inventory, making it difficult for prospective buyers to find suitable homes. However, it’s promising to hear that there are signs of improvement, such as an increase in the number of homes available for sale. This could potentially provide more options and opportunities for those looking to purchase a home this year. The graph below uses the latest data from Realtor.com to show in April 2024 there were more homes for sale than there were over the last few years (2021-2023):
As Realtor.com explains:
“There were 30.4% more homes actively for sale on a typical day in April compared with the same time in 2023, marking the sixth consecutive month of annual inventory growth.”
Yes, the growing inventory can make house hunting easier in some ways.
Based on the latest weekly data from Calculated Risk, the graph illustrates that despite recent growth in the housing market, the number of homes for sale still remains significantly lower compared to a previous “normal” year.
What Does This Mean for You?
It sounds like there’s a nuanced change in the housing market. While there are more options available compared to previous years, it’s important to manage expectations regarding the extent of this increase. House hunters may find a slightly broader range of choices, which could alleviate some of the difficulties they faced in the past. However, it’s unlikely to result in a dramatic increase in selection.
By working with a knowledgeable and experienced real estate agent, you can streamline your search, make informed decisions, and increase your chances of finding the perfect home in a competitive market. Bankrate explains:
“In today’s homebuying market, it’s more important than ever to find a real estate agent who really knows your local area — down to your specific neighborhood — and can help you successfully navigate its unique quirks.”
Bottom Line
I’m here to assist you every step of the way as you navigate the home-buying process. By teaming up, I can provide you with relevant information, answer your questions, and offer guidance based on your preferences and needs. Whether you’re looking for updates on available homes, market trends, or any other aspect of the real estate journey, I’ll be here to keep you informed and help you make well-informed decisions. Let’s work together to find your dream home!