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A recent surge in new listings could be the answer that many homebuyers are looking for. Zillow's Monthly Market Report revealed that the inventory woes could be letting up. According to the report, record appreciation in home values is making it more attractive for owners to sell.
The 1.1% decline in total for-sale inventory in March was the smallest since July. That was achieved thanks to a 30% increase in new inventory from February to late March, according to the report. With home values surging, sellers are becoming more comfortable with listing their homes for big profits.
The report revealed that home value appreciation ramped up in March, rising a record 1.2% month-over-month to $276,717. This is the largest monthly rise in Zillow records going back to 1996 and a roughly $3,200 jump in value from February to March for the typical home, according to the report. Annual appreciation rose to 10.6%, the largest jump in 15 years.
"March often sees a boost in inventory, and the return to some seasonal norms is a positive sign that supply is beginning to catch up with demand," said Zillow economist Treh Manhertz. "With home values skyrocketing, vaccination rates rising and employees getting long-term guidance on where they can work, we expect an increasing number of homeowners to join the market and list in the coming months. That will come as welcome news to home shoppers who are seeing bidding wars and homes plucked from the market weeks faster than usual."
Click here to read more from the report.