New data from Realtor.com reveals an uptick in housing market activity, with home sellers listing 11.6% more homes compared to last year, hitting a three-year high. Realtor.com Chief Economist Danielle Hale breaks down the details of this report on Wealth!

Hale highlights that the focus was on new sellers, marking a "nice improvement" from August's downtick. She notes that while September typically sees a slowdown in listings, "we are seeing more homeowner sellers get into the market," creating a favorable environment for buyers. However, she points out that homes are taking longer to sell — on average, a week longer than a year ago — making this the slowest September for home sales in five years.

Regarding mortgage rates, Hale believes that despite their current downward trend, they may increase in the near future. She explains that the market had priced in 75 basis points of cuts from the Federal Reserve, which have not yet materialized. "I expect we're going to see the market shift and try to squeeze out some of those cuts that had been anticipated, and we may see mortgage rates tick up a little bit higher," Hale predicts.

Nevertheless, she emphasizes that current rates remain favorable for potential homebuyers.

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This post was written by Angel Smith