A for sale sign is seen near a house for sale in South Pasadena, California.
Frederic J. Brown | AFP | Getty Images
The epic housing shortage that began before the pandemic and then was exacerbated by it may finally be starting to ease up.
More supply is suddenly coming on the market, which will certainly help frustrated buyers and could, in the longer term, take some of the heat out of home prices.
In June, new listings increased 5.5% year over year and 10.9% compared with May, according to Realtor.com. Among the nation’s larger cities, the 10 markets with the highest new listings increases posted gains of 20% or more from a year ago.
“Although there’s still a significant shortage of homes for sale and home prices just hit a new high, our June data report shows good news on the horizon for buyers,” said Realtor.com senior economist George Ratiu. “Inventory declines improved over the steep drops seen earlier in the pandemic as sellers…