Residential inventory keeps rising at a historic rate, according to Realtor.com!
An uneven residential sales market continues to benefit housing supply, with the inventory of homes for sale rising 67.8% year over year in February, according to Realtor.com.
That’s the sixth straight month that inventory has risen at a record annual pace, per Realtor.com’s data. There were roughly 234,000 more homes available to buy in February compared to the same month last year, though notably, supply remains down compared to before the COVID-19 pandemic. In comparison to 2017 to 2019, inventory was 47.4% lower in February.
With interest rates on the rise again and buyers grappling with persistent affordability issues, inventory growth is being driven by homes spending more time on the market. The typical home sold in February spent 67 days on the market — 20 fewer days on the market than during the average February from 2017 to 2019, but 23 days longer than last year.