New Listings Are Increasing, Led by Florida Metros

New home listings have seen their first annual increase in over a year, rising by 0.3% during the four weeks ending on Oct. 22, 2023. While some sellers have grown tired of waiting for mortgage rates to decrease and are choosing to list their homes while they still enjoy relatively low rates, others are concerned that further delays could lead to a decline in home prices and are opting to sell now.

New listings increased the most in Florida metros such as Orlando (18.7%), West Palm Beach (13.7%), Miami (13.6%), Jacksonville (11.4%), and Fort Lauderdale (11.3%), according to Redfin.

Buyers are welcoming even a small uptick in listings after nearly a year and a half of declines. Although many homebuyers are staying on the sidelines, with mortgage-purchase applications down 2% week over week to their lowest level in nearly 30 years, some house hunters are out there. Pending home sales posted their smallest annual decline in a year and a half (though that’s partly because pending sales were dropping at this time last year).

“Some people are selling right now because they’re concerned home values will go down, though that’s definitely not a foregone conclusion,” said Ali Mafi, a Redfin Premier agent in San Francisco. “Others are noticing an uptick in demand and testing the waters. My best advice for homeowners who are selling right now is to be realistic: Even though there are a few more buyers out there, this isn’t 2021. Price your home fairly so it will sell as fast as possible.”

Read more