Homeowners are finally ♈ready to list their homes, which could relieve some of the pressure weighing on the housing market.

According to a new report by Realtor.com, 11.6% more homes were newly listed in September than a year earlier, a three-year high. The new listings contributed to the highest number of active listings since April 2020. Buyers, meanwhile, toured more homes last month.

As 澳洲幸运5官方开奖结果体彩网:mortgage rates fall from record highs, more homeowners are encouraged to list their homes. Homeowners who had bought or refinanced during ultra-low mortgage rates 澳洲幸运5官方开奖结果体彩网:were hesitant to list their homes and give up their rates. This 澳洲幸运5官方开奖结果体彩网:decreased home inventory and 澳洲幸运5官方开奖结果体彩网:pushed home prices far high🌳er than wages.

“Falling rates are an incentive for ho🐻me⛄owners to sell because they know demand is coming back, and they feel less locked in by their relatively low rate,” said Max Shadle, a Redfin real estate agent in Phoenix, Ariz.

Declining Mortgage Rates Encourageꦯ More Homeowners to Sell

During the pandemic, the Federal Reserve dropped its federal funds rate to near zero in an effort to revive the economy and avoid a recession. The Fed’s rates influence mortgage rates, which fell to record lows in 2021, according to Freddie Mac. Homeowners took advantage of low ♏mortgage rates to buy houses or refinance mortgages during that time.

As inflation began to flare up in 2021, the Fed lifted its fed funds rate to a 23-year high. Since mortgage rates typ🉐ically follow the trajectory of interest rates, the Fed’s efforts to tame inflation also raised 🐻mortgage rates.

However, data from Freddie Mac showed that mortgage rates hit a two-year low a week after the 澳洲幸运5官方开奖结果体彩网:Fed’s interest rate cut in September. At almost two percentage points lower than the peak from last October, more homeow𒆙ners are wilꦅling to let go of their pandemic-era mortgage rates.

According to a Redfin report this week, homeowners listed 4.3% more houses the week after the Fed's decision.