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During that period, we saw newlisting data decline. However, in 2020 newlisting data came back, and we don’t want to see the newlistings continue to decline this year — that would be a double negative for the housing market. So the fact that we are back to an average of 26 days on market makes me happier.
As you can see in our newlisting data, we are showing growth. That means that our weekly pending sales contract data is showing growth year over year. Of course, the housing market didn’t have the credit sales boom it had from 2002-2005, but it lacked inventory. It’s a bit too slow for my taste, but good enough.
From NAR Research : “Total existing-home sales notched a minor contraction of 0.4% Existing home sales have more legs to go lower, especially now that newlisting data is falling. However, it’s not the market of 2002-2011. from July to a seasonally adjusted annual rate of 4.80 million in August.”
This report breaks down state-wide sales (previous years mostly covered Southern NH and the Lakes Region ), average prices, the number of active listings, and how many listings went under contract for 2023 compared to 2022, and discusses what is predicted to unfold in 2024. Average prices for closed sales increased by 7.2%
We are now seeing “7s” in front of some rates to new mortgage consumers – a figure not seen since April 2002 – causing applications for new loans to hit a 25-year low this month. ( Counties in and near Chicago and New York City were seen as the most vulnerable to today’s economic headwinds. OCTOBER HOUSING UPDATE.
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