From CNBC: 2024-09-06 12:25:10

The United States real estate industry will see changes in agent commissions starting August 17 due to a legal settlement between the National Association of Realtors and home sellers. Supply of homes for sale is rising, with active listings up 36% compared to last year but still 26% lower than pre-pandemic levels.

Homes are staying on the market longer, leading to more price cuts and moderation in asking prices, as buyers and sellers wait for further declines in mortgage rates. Mortgage applications to buy a home are down 4% from last year, despite rates being 75 basis points lower.

Certain cities are seeing significant increases in inventory, with Tampa, Florida up over 90% and San Diego up 80%. The Northeast has the lowest regional increase in active listings at 15.1%, compared to 46% in the South and 35.7% in the West.

Increased supply is causing homes to stay on the market longer, with the typical home spending 53 days for sale in August. The market is expected to slow by one day for every 5.5% increase in active listings year-over-year, translating into lower prices as the share of homes with price reductions rises to 19%.



Read more at CNBC: Home listings are up more than 60% in these cities