More homes are on the market now than there have been in years – and that could be a game changer for you if you’re ready to buy. Let’s look at two reasons why. 

You have more options to choose from 

An article from realtor.com helps explain just how much the number of homes for sale has gone up this year: 
“There were 29.2% more homes actively for sale on a typical day in October compared with the same time in 2023, marking the twelfth consecutive month of annual inventory growth and the highest count since December 2019.” 

And while the number of homes on the market still isn’t quite back to where it was in the years leading up to the pandemic, this is an improvement (see graph below): 


With more homes available for sale now, you have more options. As Hannah Jones, senior economic research analyst at realtor.com, explains: 
“Though still lower than pre-pandemic, burgeoning home supply means buyers have more options . . .” 
That means you have a better chance of finding a house that meets your needs. It also means the buying process doesn’t have to feel quite as rushed because having more options on the market means you’ll likely face less competition from other buyers. 

Home price growth is slowing 

When there are fewer homes for sale, buyers have to compete more fiercely for the ones that are available. That’s what happened a few years ago, and it drove prices up so quickly.  But now, the increasing number of homes on the market is causing home price growth to slow down (see graph below): 
 

 
In certain markets, the number of available homes has bounced back to normal and surpassed pre-pandemic levels. In those areas, home price growth has slowed or stalled completely. As Lance Lambert, co-founder of Resiclub, explains: 
“Generally speaking, housing markets where active inventory has returned to pre-pandemic 2019 levels have seen home price growth soften or even decline outright from their 2022 peak.” 

Slower or stalled price growth could give you a better chance of finding something within your budget. As dr. Anju Vajja, deputy director at the Federal Housing Finance Agency (FHFA), says: 
“For the third consecutive month, U.S. House prices showed little movement . . . relatively flat house prices may improve housing affordability.”

But remember, inventory levels and home prices will vary by market.  So, having The Aaronson Group who know the local area can be a big advantage. They can help you understand the trends in your community, which can make a real difference in finding a home that fits your needs and budget. 

Bottom line

More housing options – and the slower home price growth they bring – can help you find and buy a home that works for your lifestyle and budget. So don’t hesitate to reach out to The Aaronson Group if you want to talk about the growing number of choices you have right now.  

Connect with The Aaronson Group so you have the data and the local perspective you need to move forward.   Call: 949-388-5194 or email info@previewochomes.com

 


 
Posted by The Aaronson Group on

Tags

Email Send a link to post via Email

Leave A Comment

e.g. yourwebsitename.com
Please note that your email address is kept private upon posting.

Work With Us

With over $750 Million in real estate sales, The Aaronson Group offers an unparalleled level of service to our highly respected clients. Whether you are looking to buy or sell your home, we guarantee that our expertise, professionalism & dedication will navigate you towards meeting your unique real estate needs.

Let’s Connect
Luxury Real Estate