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The median listing price grew by 15.9% compared with 2021, representing the 22nd straight week of double-digit gains. Even in the light of higher mortgage rates, the trajectory of the prices for existing homes did not let up. While consumer confidence fell a bit, added pressure continues to be felt by buyers.
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New listings increased by 6% from 2021. The record-high asking prices continue to attract homeowners to put their homes on the market.
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Inventories increased by 5% year-over-year for the first time since March 2019. The number of active listings remain are still not what the market has been used to, but this trend reflects progress in replenishing the inventory crisis which has plagued the market for the last 28 months.
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Homes sold in 6 days less than back int 2021. or The surging numbers of first-time buyers is making real estate a very fast-paced game, with homes selling in less time than ever before in April. It is thought that one reason for this is in part due to the red-hot torrid rental market with 14 straight months of record-breaking rents.