Home listings increased for the first time since June 2019, according to Realtor.com data, suggesting the U.S. housing supply hit a turning point last month.
The number of active listings rose 8% year-over-year in May, probably driven by new sellers and a slowdown in would-be buyers deterred by high prices, Realtor.com said in a report Thursday. The largest increases in new listings were in the West and the South, in cities including Austin, Texas, and Phoenix, Arizona.
Still, the uptick in inventory doesn’t necessarily mean that the housing market exuberance is softening. Listings remain 48.5% below their May 2020 level, and price increases have accelerated in recent months.
