The number of houses sitting on the market grew at a blistering pace last month, with the number of active listings jumping 31% vs. the same period last year – a record-high increase for a third straight month, Bloomberg reports, citing a Tuesday report from Realtor.com.
Mortgage costs are the most expensive in years as the Federal Reserve embarks on aggressive quantitative tightening, implying that the souring macroeconomic climate may not support extraordinary home price growth for much longer as the national inventory of homes increases for the first time in years, according to Realtor.com data.
Home price growth in the U.S. paused in the final month of 2021, but the full year logged in record gains.
Standard & Poor’s said Tuesday that its S&P CoreLogic Case-Shiller national home price index posted an 18.8% annual gain in December, unchanged from November. The 20-City Composite posted an 18.6% annual gain, up from 18.3% a month earlier. The 20-City results were higher than analysts’ expectations of an 18% annual gain, according to Bloomberg consensus estimates.