At last, some relief for home-buyers in the Midwest and Northeast as new listings increased dramatically in the two regions with the lowest inventory. In fact, new listings accounted for nearly 70% of all active listings in the two regions. The South saw a modest increase while the West dropped 3.5% year-over year.
Other reasons for housing market optimism include a drop in price cuts and contract cancellations. Nationally, the median list price was $425,000 down 1.4% year-over-year.