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The intense dearth of latest properties in the marketplace is a key part retaining house sale costs from falling additional than they have already got, in response to a brand new report.

“New listings of properties on the market fell 22.4% nationwide from a 12 months earlier throughout the 4 weeks ending April 23, one of many largest declines because the begin of the pandemic,” the report launched Friday by Redfin reads.

Whereas owners are staying put out of reluctance to lock in larger mortgage charges — leading to a scarcity of stock of properties on the market, the few properties in the marketplace are drawing competitors and promoting shortly — stopping house costs from dropping too far, in response to the report.

House costs are down 2.8 p.c 12 months over 12 months, in response to Redfin information. Costs have fallen quick in among the costliest cities, dropping 13.7 p.c in Austin, Texas; 13.5 p.c in Oakland, California; and 12.3 p.c in San Francisco.

On the identical time, homebuyers are battling for the small batch of properties, and almost half the properties in the marketplace are promoting inside two weeks, the best portion in almost a 12 months in response to Redfin.

“Excessive mortgage charges have brought about some homebuyers to bow out of the market,” Redfin Deputy Chief Economist Taylor Marr mentioned in an announcement. “However there are nonetheless extra individuals on the lookout for a house than there are properties on the market. That’s excellent news for the owners who need or must promote their properties now.

“In sure elements of the nation the place new listings are particularly uncommon, sellers who worth their properties in step with the market are attracting a number of provides. Propped-up house costs and values additionally bode properly for the way forward for the housing market as a result of they might finally lure extra potential sellers off the sidelines.”

Phoenix Redfin agent Heather Mahmood-Corley mentioned demand is way outpacing provide in her space.

“New listings have slowed over the previous couple of weeks and consumers are clamoring for the properties that do come in the marketplace,” she mentioned in an announcement.  “Good, well-priced properties are getting a number of provides. I confirmed a house to a purchaser final weekend and we needed to wait in line as a result of there have been so many potential consumers there. It was the primary time in a 12 months I’ve needed to wait in line to see a home.”

The typical 30-year fastened mortgage fee inched as much as 6.43 p.c throughout the week ending April 27, the second straight small weekly improve after 5 weeks of declines.

Mortgage buy functions throughout the week ending April 21 elevated 5 p.c from the week earlier however have been down 28 p.c from a 12 months in the past, in response to Redfin.

E-mail Ben Verde