: Good news for homebuyers: The number of active house listings soared in October. But a closer look reveals a more depressing picture.

by | Nov 3, 2022 | Stock Market

Some good news for homebuyers: The number of homes for sale increased at a record pace in October, according to a new report. The report from Realtor.com found that the inventory of active listings in the U.S. grew 33.5% year over year in October, surpassing 2022 levels. Active inventory refers to a count of all homes listed for sale on the market.

Realtor.com called it a “milestone on the road to recovery,” as buyers have grappled with a shortage of homes over the last two years. (Realtor.com is operated by News Corp subsidiary Move Inc., and MarketWatch is a unit of Dow Jones, which is also a subsidiary of News Corp
) Also read: Here are the 5 ‘most valuable’ U.S. property markets for investment. In one city, growth has been ‘astronomical’ Home prices are falling, with the median list price dropping by $2,000, to $425,000, but with mortgage rates around 7%, affordability remains a challenge for buyers. About 21% of active listings on Realtor.com have had price cuts, the data showed.

“Although active inventory is rising, newly listed homes and pending listings both dropped year over year.”

Although active inventory is rising, newly listed homes and pending listings dropped year over year, the company said, by 15.9% and 30% respectively. Why the discrepancy? Few new homes are hitting the market, and some contracts with buyers are falling apart. Meanwhile, homes that are listed are la …

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