The spring buying season is off to an early start, according to realtor.com.
The number of for-sale listings increased 3.1 percent year over year in January to approximately 1.67 million, portending less-frenzied buying conditions in the coming months than those experienced by the market last year, the listing portal said.
Despite the year-over-year improvement, the number of for-sale listings reportedly dropped 3.3 percent on a monthly basis. The portal also reported that the average age of inventory stayed virtually flat compared to a year before.
“January’s start compared to year-ago levels is an encouraging sign of sellers’ interest, particularly given the adverse conditions brought on by the polar vortex,” said Errol Samuelson, president of realtor.com. “We saw the tight-supply market of last fall carry all the way into November — later than is typically expected — and this early rise in inventory is a welcome trend.”