Spring Thaw for Housing as New Listings Surge and Prices Ease

Spring housing conditions are tilting a bit more in buyers’ favor as new listings rise, inventory rebuilds and asking prices ease.

Realtor.com said in its weekly update published April 24 that new listings were up 12.9% year over year for the week ending April 18. Active inventory rose 4.8% from a year earlier and was up 7% year to date.

The same report said the median listing price fell 1.7% from a year earlier, extending a run of 14 straight weeks of annual price declines.

Lower mortgage rates are also helping. Freddie Mac reported on April 23 that the average 30-year fixed rate was 6.23%, the lowest level in three spring buying seasons.

The broader housing picture is still mixed. NAR said pending home sales rose 1.5% in March, but Reuters reported earlier in April that existing home sales fell to a nine-month low as tight supply continued to weigh on activity.

The new data suggest that buyers are getting more choices and slightly better affordability, but the spring market is still working through the legacy of higher rates and uneven demand.