The supply of for-sale homes hit its highest point of the year in September but still follows the long road to a balanced market.
The month had a total of 646,854 active listings, down 22.2% from Sept. 2020 but an improvement from August’s 641,000 and that month’s 25.8% year-over-year decrease, according to Realtor.com. However, new listings fell annually for the first time in five months, dropping 3.9%. That dichotomy represents a possible turning point for home buyers going forward, said the company’s Chief Economist Danielle Hale.
“Next month's data will yield important clues about whether this setback is going to be temporary or a new trend," Hale said in the report. “This September, buyers
Competition is tough
Among the top 50 housing markets, three bucked the country’s overall trend in September and saw annual growth in active listings. The Washington, D.C. metro area’s listing count shot up 17.8% year-over-year, outpacing gains of 4.1% in Milwaukee and 1.6% in Philadelphia. Hartford, Conn., had the largest annual drop in active for-sale housing supply with 56.5%, followed by decreases of 53.1% in Raleigh, N.C., and 46.6% in Miami.
Nearly a third of the largest markets had an annual influx of new listings.