The numbers are confirming that the active inventory of homes for sale is growing even as mortgage rates surpass 7%. According to the National Association of Realtors, the current trend boasted active listings to above their 2020 level in the same month for the first time in October. The new listings metrics point out that homeowners are not too willing to sell for lower prices even as the market softens. In New Jersey, approximately 20% of listings have lowered their asking prices. “The inventory of homes actively for sale in the 50 largest U.S. metros overall increased by 46.4% over last year in October,” reported the NAR.
Days on market increased by 6 days nationally, as compared with last year’s pace.
Yet, the home price trajectory has slowed; it continues to rise at a more measured pace, maintaining a double-digit pace on a year-over-year basis.
As mortgage rates continue to escalate, they have made homeownership costs climb more than 77% from just one year ago.