It’s no secret that the U.S. housing market has been blazing in 2022. The average annual rate of U.S. home price appreciation hit a record high of 19.2% in January, and buyers are engaged in bidding wars like never before.
While soaring mortgage rates have caused mortgage applications to dip in recent weeks, it may take time for waning demand to translate to lower prices.
After a decade of underdevelopment, historically low inventory continues to put pressure on the U.S. housing market, but there may be good news on the horizon for prospective home buyers.
A whopping 64% of prospective sellers anticipate placing their homes on the market within the next six months, according to a recent Realtor.com survey. That means more inventory this summer for a market that desperately needs it.
After all, in March, active home listings in the U.S. were down roughly 18.6% compared to a year ago. And the U.S housing market is facing a shortage of nearly 6 million new single-family homes.
Realtor.com’s survey offers a glimmer of hope for first-time buyers, in particular, researchers said.
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