The number of residential properties active on the market jumped 15.1 percent yearly, marking the 102nd consecutive week of annual gains in housing inventory, according to the latest weekly analysis report from Realtor published on Oct. 23.
As new listings went up 4.7 percent year over year, and mortgage rates registered a steady drop since May, more sellers are putting up homes for sale across the country hoping to incentivize buyers waiting on the sidelines.
The 30-year fixed-rate mortgage, backed by Freddie Mac, is currently at 6.19 percent, as of Oct. 23. At the beginning of the year, it was over 7 percent. The number is relatively high when compared to the average 3 percent rates in 2021….