Welcome to our Monday Market Update! As we get ready to move into June and evaluate the May market, today, we are taking a look at April which brought good news for buyers. Inventory of existing homes saw a significant increase, rising more than 16% compared to the same time last year. This boost in available homes is providing buyers with a broader range of options. However, the month also experienced a slight dip in sales, marking a normalization in volume following a substantial and unexpected surge that took place in February.
Surge in New Home Listings
In April, the number of new home listings reached the highest level since hitting their lowest point in 2022, marking an impressive increase of over 200%. Despite this influx of new listings, sales of new single-family homes dipped slightly after enjoying a considerable boost in March.
New Homes' Market Share and Sales Performance
A notable trend from the first quarter of this year is the prominence of new homes in the market. According to one real estate data firm, new homes made up just over a third (33.4%) of all listings during the first three months of the year. Additionally, sales of new homes during this period were approximately double the level seen before the pandemic, highlighting a strong demand for new construction.
Conclusion
The April market shows an encouraging trend for buyers with increased inventory and a robust supply of new homes. While sales have normalized after previous spikes, the market remains dynamic with significant opportunities for those looking to buy.
Do you have questions about buying a home? We are here to help! CONTACT US at any time and we will answer your home and loan questions.
Comments (0)
Please contact us if you have any questions or comments.