T
he housing market is finally showing signs of relief for buyers. After two years of skyrocketing prices and dwindling inventory, the number of homes available has surged to its highest level since 2019. In October alone, listings jumped 29.2% from last year, marking a full year of growth in new listings.

    Homeowners across the country are putting up "For Sale" signs, particularly in former pandemic hotspots like Austin, Memphis, and Orlando. Nationally, active home listings rose 29.2%, with some regions experiencing even more significant gains. The South led the way, followed by the West, Midwest, and Northeast.

    The surge in inventory isn't limited to these areas; it's happening across all regions of the US. Realtor.com's senior economist Ralph McLaughlin notes that a dip in mortgage rates may have encouraged homeowners to list their properties, leading to even more listings hitting the market.

    While home prices remain steady at $424,950, the price per square foot has increased by 2.1% year-over-year and a staggering 50.5% since 2019. However, this trend is largely driven by smaller homes commanding higher prices. The good news for buyers is that they now have more time to make decisions, with homes sitting on the market for an average of 58 days – a whole week longer than last year.

    However, McLaughlin warns that the surge in listings will likely attract more buyers, potentially increasing competition. As he predicts, home buying activity may tick higher through November and December due to falling rates and a low 2023 benchmark.