The number of active listings will increase as the end of 2024 approaches
A new report by Redfin revealed that the number of active listings rose 12% year-on-year (954,703 listings) for the four weeks ending December 22, although that was the smallest increase since March.
Pending home sales over the past four weeks were 58,267, marking a year-over-year change of -3.4% — the first decline in three months, according to Redfin data. New listings remained unchanged at 54,077.
Supply in months remained at a healthy four months, up 0.6 points year-on-year. Redfin considers the four- to five-month supply range to be balanced, with a lower number indicating ideal market conditions for sellers.
The number of days on market increased by six days year-on-year to 45 days, indicating a less competitive market.
At the city level, Philadelphia (17.1%) experienced the largest annual increase in average sales price. It was followed by Milwaukee (14.3%) and Cleveland (13.3%). Zero metros saw sales prices drop. Nationally, the average sales price was $383,725, up 6% year over year.
Current sales increased in 12 metro areas, peaking in Detroit (7.8%), Anaheim, California (6.5%) and Providence, RI (5.7%). Metro areas that saw the largest year-over-year declines were San Antonio (-17.4%), Orlando, Florida (-14%) and Houston (-13.7%).
