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The intense dearth of recent properties available on the market is a key element holding dwelling sale costs from falling additional than they have already got, in keeping with a brand new report.

“New listings of properties on the market fell 22.4% nationwide from a 12 months earlier through the 4 weeks ending April 23, one of many largest declines because the begin of the pandemic,” the report launched Friday by Redfin reads.

Whereas owners are staying put out of reluctance to lock in increased mortgage charges — leading to an absence of stock of properties on the market, the few properties available on the market are drawing competitors and promoting shortly — stopping dwelling costs from dropping too far, in keeping with the report.

Dwelling costs are down 2.8 % 12 months over 12 months, in keeping with Redfin knowledge. Costs have fallen quick in a number of the costliest cities, dropping 13.7 % in Austin, Texas; 13.5 % in Oakland, California; and 12.3 % in San Francisco.

On the identical time, homebuyers are battling for the small batch of properties, and almost half the properties available on the market are promoting inside two weeks, the very best portion in almost a 12 months in keeping with Redfin.

“Excessive mortgage charges have triggered some homebuyers to bow out of the market,” Redfin Deputy Chief Economist Taylor Marr stated in an announcement. “However there are nonetheless extra folks in search of a house than there are properties on the market. That’s excellent news for the owners who need or must promote their properties now.

“In sure elements of the nation the place new listings are particularly uncommon, sellers who worth their properties consistent with the market are attracting a number of affords. Propped-up dwelling costs and values additionally bode nicely for the way forward for the housing market as a result of they could finally lure extra potential sellers off the sidelines.”

Phoenix Redfin agent Heather Mahmood-Corley stated demand is way outpacing provide in her space.

“New listings have slowed over the previous few weeks and consumers are clamoring for the properties that do come available on the market,” she stated in an announcement.  “Good, well-priced properties are getting a number of affords. I confirmed a house to a purchaser final weekend and we needed to wait in line as a result of there have been so many potential consumers there. It was the primary time in a 12 months I’ve needed to wait in line to see a home.”

The typical 30-year mounted mortgage price inched as much as 6.43 % through the week ending April 27, the second straight small weekly improve after 5 weeks of declines.

Mortgage buy purposes through the week ending April 21 elevated 5 % from the week earlier however had been down 28 % from a 12 months in the past, in keeping with Redfin.

E mail Ben Verde