More Home Listings Signal Better Times Ahead for Buyers
As home listings have become more widely available, prices have started to drop
Sept. 5, 2024
Image: seanlockephotography / stock.adobe.com
Following recent price cuts and added inventory, housing market conditions are beginning to improve for prospective homebuyers. According to real estate marketing platform Realtor.com, the number of homes for sale in August was 36.2% higher than the previous year, marking 10 consecutive months of growth. This gives buyers more options, including more affordable homes, with 19.3% of listings seeing price reductions—the highest for August since 2018. Median home prices also dropped from $439,950 in July to $429,995 in August.
“A growing number of homes on the market and rising share of price cuts indicate that today’s housing market isn’t as heavily tipped toward sellers as it has been in recent years,” says Realtor.com Chief Economist Danielle Hale.
