Low supply and high demand continued to define the U.S. housing market in the week ending Saturday, as buyers race to make deals before interest rates rise.
The median listing price of a home rose 12.8% annually last week, according to a report Thursday from Realtor.com. Price growth fell to single-digit levels in the fall, but has been above 10% for nine consecutive weeks.
At the same time, inventory was down 26% year over year, the report said. And properties are still selling fast—the average home spent 13 days fewer on the market than the same time last year.
“From accelerating home prices to declining time on market, last week’s housing data reflect rising competition for limited available inventory,” Danielle Hale, Realtor.com’s chief economist, said in the report.
Historically low mortgage rates have spurred many buyers to buy houses during the Covid-19 pandemic, she continued. Now, with rates back to pre-pandemic levels, buyers are hoping to get ahead of future increases.
“Recent housing trends suggest some buyers are feeling like time is running out to lock in relatively affordable monthly payments,” Ms. Hale continued.
Meanwhile, new listings were down 3% year over year, the data showed. That’s an improvement compared to the beginning of the year, when new listings had fallen by 15%.
Mansion Global is owned by Dow Jones. Both Dow Jones and Realtor.com are owned by News Corp.
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