New Listings Soar as Spring Ramp-Up Approaches: RE/MAX

(Illustration courtesy of RE/MAX)

The number of newly listed homes in January was more than 66% higher than in December and 21.5% higher than January 2023, according to RE/MAX, Denver.

The firm surveyed 50 metro areas for its RE/MAX National Housing Report.

The 21.5% year-over-year increase in new listings reversed a multi-year January trend, as new listings dropped 5.1% from January 2022 to January 2023 and 8.1% from January 2021 to January 2022, RE/MAX said. The dramatic 66% month-to-month increase in new listings was also significantly higher than the past two December-to-January jumps – 39.8% to start 2023 and 24.7% to begin 2022.

The surge in new listings was combined with year-over-year increases in closed sales and inventory, illustrating that January’s housing stats could bode well for the typical spring uptick in home sales this year.

“It was encouraging to see the surge in new listings, as January stats can be a sign of things to come,” RE/MAX President and CEO Nick Bailey said. “If new listings continue to emerge and interest rates drop a bit over time, 2024 could be a year of great opportunity for buyers and sellers.”

The report said January home sales were 2.5% higher than January 2023, although they were down 19.1% from December. January inventory increased 1.7% over January 2023, ending a seven-month streak of year-over-year declines. The median sales price equaled $405,000, 5.2% (or $20,000) higher than January 2023 and unchanged from December.