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The acute dearth of latest houses available on the market is a key element preserving dwelling sale costs from falling additional than they have already got, based on a brand new report.

“New listings of houses on the market fell 22.4% nationwide from a yr earlier throughout the 4 weeks ending April 23, one of many largest declines for the reason that 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 houses on the market, the few houses available on the market are drawing competitors and promoting rapidly — stopping dwelling costs from dropping too far, based on the report.

Dwelling costs are down 2.8 % yr over yr, based on Redfin information. Costs have fallen quick in a few of the costliest cities, dropping 13.7 % in Austin, Texas; 13.5 % in Oakland, California; and 12.3 % in San Francisco.

On the identical time, homebuyers are battling for the small batch of houses, and practically half the houses available on the market are promoting inside two weeks, the best portion in practically a yr based on Redfin.

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

“In sure components of the nation the place new listings are particularly uncommon, sellers who worth their houses consistent with the market are attracting a number of provides. Propped-up dwelling costs and values additionally bode nicely for the way forward for the housing market as a result of they could finally lure extra potential sellers off the sidelines.”

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

“New listings have slowed over the previous couple of weeks and consumers are clamoring for the houses that do come available on the market,” she mentioned in an announcement.  “Good, well-priced houses 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 yr I’ve needed to wait in line to see a home.”

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

Mortgage buy purposes throughout the week ending April 21 elevated 5 % from the week earlier however had been down 28 % from a yr in the past, based on Redfin.

E-mail Ben Verde