The number of homes for sale nationwide dropped below 700,000 in December, hitting an all-time low, while home prices were up double-digits over the year prior, according to realtor.com’s Monthly Housing Trends Report.
The median listing price dropped to $340,000 from the record-high of $350,000 set over the summer.
New listings were down 3.5% in the Houston area, and active listings were down 33.5% from December 2019. The median listing price was $329,750, a year-over-year increase of 9.9%. Homes spent a median of 57 days on the market, 12 fewer than the year prior.
“The shortage of homes for sale has been an ongoing issue for the last couple of years, but in December the combination of the holiday inventory slowdown and the pandemic buying trend caused it to dip to its lowest level in history,” realtor.com Chief Economist…