The combined sum of offers for Sales on the Markt at the end of April reached a record, in which houses arrive on the market and more stock for longer, according to a Redfin report.
The total value of offers came to $ 698 billion at the end of the month, said the real estate brokerage. The amount increased by 20.3% from April 2024 to the highest dollar value since Redfin started measuring the data in 2012.
The turnout comes as
“The record high dollar value of all for sale houses is a way to quantify the market of these buyers,” said Chen Zhao, Redfin’s Head of Economics Research, in a press release.
“There are not only more houses for sale than in five years, but the value of those houses is higher than ever,” she added.
In the current market there are around 500,000 more sellers than buyers looking for houses, far away from the competing environment from a few years ago, Redfin said.
A favorable buyer market gives prospective homeowners more time to consider choices or to wait if necessary, said agents.
“House hunters only buy if they absolutely have to, and even serious buyers support more contracts than before. Buyers have a window to get a deal; there is still a surplus of inventory on the market, where sellers are confronted with the reality and willing to negotiate prices,” said Matt Purdy, a Redfin agent.
Suppressing the sales volume is a still postponed level of affordability, with required
The inventory collects when properties are on the market for longer. Typical houses that were sold in April remained on the market for 40 days before they went under contract, five days longer than the same month in 2024. Economic instability is also
How many houses have become old?
Furthermore, proof of a glow in lists appears in the inventory of the old home, defined by Redfin as offers on the market for 60 days or more failure to go under contract. About 44% of the Aprilles were old, which made $ 331 billion in the total stock value.
The old share increased by 42.1% compared to April 2024 and was the majority of the market since 2020, when the markets falter in the first months of the Covid Pandemie.
The buyer can finally improve the current trends by the end of the year, Zhao said.
We expect an increasing inventory, weakened demand and the prevalence of old -legal delivery to push house prices by 1% by the end of this year, which should improve affordability for buyers because the incomes are still going up, “she said.