A number of potential factors may be behind seller hesitation, from Omicron uncertainties to the, with the many sellers who also need to buy a next home finding limited options in January.
New listings lagged behind prior year’s levels for the second consecutive month in January, down 9.1% nationwide. However, the annual rate of new listings declines improved steadily over the course of the month. If this trend continues, buyers may start to see more options ahead of the competitive spring season.
Listing price data is already showing some loss of momentum, as the acceleration was smaller in January over December compared to December over November. Still, the affordability of monthly housing costs will increasingly challenge buyers – especially first-timers, who typically have less flexible budgets and face the added financial burden of skyrocketing rents.
Relative to the national rate, home prices posted smaller yearly gains in the 50 largest metros, partially due to inventory gains in smaller-sized homes. Price growth was similar on a square foot basis, up 11.8% year-over-year in large metros and 13.5% year-over-year nationwide.
Source: News Formal (newsformal.com)
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