New home listings increased 11.9% year-over-year in February, the biggest such jump since 2013, according to Redfin staffer Troy Martin.
As a whole, though, home inventory fell 3.7% year-over-year, which doesn’t help home buyers looking for a wider selection as spring selling season begins. Year-over-year, sales have increased nationally for 15 consecutive months, and were up 4.8% in February, a lower rate than in December and January.
“New listings rebounded in a big way after getting off to a weak start at the beginning of the year,” said Redfin chief economist Nela Richardson. “There were enough new listings in February to cut the inventory deficit in half. More listings also had a side benefit of curbing the strong acceleration in prices we saw the last two months. Whew, finally a little breathing room for buyers just in time for the start of the spring buying season.”