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2024

Pending home sales increase as inventory loosens

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Pending home sales grew for a fourth straight month, up 2.2% in November, according to an index by the National Association of Realtors. At the same time, consumers are adjusting to mortgage rates and there have been gains in housing inventory — buyers are finally feeling some relief.

The housing market in Orlando, Florida is finally balancing out, said Rose Kemp, president of the Orlando Regional Realtor Association.

And for buyers? “For the first time in several years, there are options,” she said.

While before you might have had to pick between one or two homes in a zip code, Kemp said, now things are different.

“You actually can probably go out and see, you know, five homes, let’s say, that have the potential for you,” she said.

Kent Redding, president of the Austin Board of Realtors, said there’s also been an uptick in inventory and he thinks 2025 will be a good time to buy. 

“Houses are selling, new houses are going on the market, and we’re not seeing wild swings,” he said. “That’s a healthy market to be in.”

​Though active listings are at the highest level since 2020, according to new analysis by Redfin, it’s not all good news.

Redfin economist Sheharyar Bokhari said that’s because many listings are “stale inventory,” meaning a home that has sat on the market for at least 60 days.

​He thinks houses are just sitting there largely because they’re priced too high, while buyers also factor in other costs, like interest rates and insurance.

“People are just looking for affordability,” he said.

​And economist Lawrence Yun with the National Association of Realtors said if you look at the market before 2020, “we are beginning to see more choices, but compared to pre-COVID, right before COVID arrived, say 2019 or 2018, we are still short by about 30% fewer homes on the market.”

​He said while inventories are trending the right direction, some homeowners locked into 3% or 4% interest rates are still staying put. 




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