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An index of 100 is equal to the level of contract activity in 2001. The Federal Reserve has had to drastically raise interest rates to quell inflation, which has resulted in far fewer buyers and even fewer sellers.”. or lower mortgage rate they locked in at.
Rates last month surged to 7.23%—the highest since 2001 – sending the typical homebuyer’s monthly payment up significantly from last year. A lot of sellers are also willing to let buyers slip away because they don’t want to concede to repair requests,” Morre said. Year-over-year newlistings were down 14.4%.
Total Inventory had been growing from 2001-2005; total listings data in 2005 was at the higher historical range of 2.5 million listings. Today, we stand at 1,310,000 active listings. Today, we stand at 1,310,000 active listings. I don’t need to see total active listing get back to the historical range of 2-2.5
However, a significant portion of the decrease is also linked to the persistently low inventory levels due to a lack of sellers. 2023 Sees the Lowest Number of Homes Listed in Twenty-Two Years In 2023, there was an 12% decrease in listings compared to 2022, with 20,546 homes listed compared to 23,342 in the previous year.
SETTLEMENT FOLLOW-UP A judge has preliminarily approved the $418M antitrust class-action settlement involving sellers’ compensation to brokers/agents in residential real estate sales. News of the settlement and its impact topped last month’s newsletter. List: $14.99M ($3005/sq. Details still need to be ironed out, but U.S.
million housing units since 2001. Some highlights from the Northwest Multiple Listing Service (through July): The combined number of condo, townhome and single-family homes on the market as of Aug. However, we are miles from a balanced market, with King County total active listings still 31% fewer than this time last year.
That, in turn, will finally move the market forward with additional sellers and buyers. Only 1513 listings hit the market in the month for all home types, a devastating 30% decline in one month. The Eastside led the way with a 33% drop-off in newlistings (420) and Seattle fell 31% (586). List: $33.9M ($3291/sq.
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