New listings in February were up by 3.8% on a seasonally adjusted basis from January to February, according to data from Redfin (NASDAQ:RDFN), which marks the highest level since September 2022. On a year-over-year basis, February’s new listings were up 14.8%, the largest annual gain since May 2021.
Redfin reported active listings 0.8% from a month earlier on a seasonally adjusted basis but squeaked down by a scant 0.1% from one year earlier–the smallest annual decline in months. New listings rose fastest from a year earlier in Texas and active listings rose fastest in Florida – which is no surprise, considering these are the two states that have been building the most homes.
“February was a mixed bag for the housing market and the economy,” said Redfin Economics Research Lead Chen Zhao. “Housing supply is finally starting to recover in a meaningful way, which is great news for buyers who for months have been competing for a tiny pool of homes for sale. Still, many house hunters are hesitant to pull the trigger because mortgage rates and home prices remain elevated.”
Redfin’s data report follows a similar report released yesterday by Zillow (NASDAQ: Z, ZG) that found new listings were up 21% year-over-year on its platform.
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