Homebuyers in Seattle, Silicon Valley and the nation's other priciest markets are seeing more properties hit the market as mortgage rates finally start trending lower.
The number of newly listed homes for sale climbed 4.2 last month, according to data from Realtor.com. September's jump was the biggest annual increase since the peak of the spring homebuying season, and helped lift active listings 34 from a year earlier, according to Realtor.com.
A dearth of properties for sale is one reason keeping the median U.S. home sale price near record highs. The median U.S. home sale price hit an all-time high in June at 426,900.
Last month, the Federal Reserve announced its first interest rate cut in more than four years and signaled more cuts to come this year and through 2026.
The Fed doesn't set mortgage rates, but its policy pivot cleared a path for mortgage rates to generally go lower. While mortgage rates rose this week economists still expect them to ease in coming months and that could lead to more listings.
