Remove 2007 Remove Housing Market Remove Realtors
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Existing home sales lay the path for the 2024 housing market

Housing Wire

Did today’s existing home sales report give us a playbook for housing in 2024? I would argue yes, and the housing market today looks a lot like what we saw in late 2022. I give more details in this interview on why I believe the housing market dynamics shifted on Nov. So let’s take a look at the playbook.

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Is the savagely unhealthy housing market back?

Housing Wire

Just when I thought days on market were returning to normal, that number for existing homes fell back down to 22 days. If the days on the market are at a teenager level or even lower, it’s never a good sign for the housing market. In 2007, for context, we were a tad above 4 million. Why is this so important to me?

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This savagely unhealthy housing market needs higher rates

Housing Wire

The National Association of Realtors reported Thursday that existing home sales for April came in at 5.61 million , with double-digit home-price growth driving a housing market that is still savagely unhealthy. My rule to get the housing market out of the unhealthy stage is that we need total inventory back between 1.52

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Even with falling rates, the housing market is shaping up to be bad in Q4

Housing Wire

That’s the largest year over year existing home sales decrease since 2007. More potential homebuyers were squeezed out from qualifying for a mortgage in October as mortgage rates climbed higher,” National Association of Realtors Chief Economist Lawrence Yun said in a statement. Total housing inventory at the end of October was 1.22

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Existing home sales will drop to 4.78 million in 2023, NAR predicts

Housing Wire

The National Association of Realtors predicts there will be 4.78 Although the housing market slowdown and drop in prices has meant that more and more borrowers are underwater on their mortgage , Yun anticipates that foreclosure rates will remain at historically low levels in 2023, remaining less than 1% of all mortgages next year.

Realtors 434
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Why are existing home prices rising when sales are still so low?

Housing Wire

This is a byproduct of the qualified mortgage rule of 2010, which has been a game-changer not only for the housing market but for the overall U.S. million active listings per the last report, we have 526,000 per our last Housing Market Tracker article. million, and in 2007, it peaked at 4 million. million in March.

Inventory 499
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Have we already reached peak home sales for the year?

Housing Wire

From the National Association of Realtors : Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – bounced 9.5% In 2007, they were 4 million. What I love about this data is that the days on the market are over 30 days. million in February. million units, up 5.9%

Inventory 482