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The National Association of Realtors tracks the days on market, and unlike 2011, when it took over three months, the most recent existing home sales report shows only 24 days on market this year. In 2011, we had over 3 million active listings to start the year and today the NAR total active listings data is running at 1,128,000.
November newlistings fell by about half of the previous month’s rate while home prices saw a welcome decline. The number of newlistings tumbled 48% from October and was down 2.7% Fewer listings will likely lead to quieter sales activity in the coming months. The seasonal slowdown is in full swing now.
The National Association of Realtors ‘ existing home sales report shows home sales dropped only 1.0% Where I disagree with Yun is this: We have more inventory because demand has been softer, and we have more newlistings this year compared to last. from August to a seasonally adjusted annual rate of 3.84
“The recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,” Lawrence Yun, chief economist for the National Association of Realtors® said in September. The number of Active listings is another eye-opener.
The sellers custom built the home between 2007 and 2009, using high-end materials and finishes, including a wall of windows and 26-foot-high ceilings in the great room. In Bakersfield, for example, Golden Empire MLS participants can submit a form to post newlistings, open houses and price changes.
The number of newlistings fell off the cliff in July, down 23% in Seattle (323 units), off 15% on the Eastside (261) and 14% across the county (770). The most recent 12-month reading (through March) from the National Association of Realtors® (NAR) showed only 54.3K the lowest mark since records were first kept in 2009.
>> The National Association of Realtors® revised its economic forecasts for 2021 – and things are looking up. Among other revised national forecasts from NAR: New-home sales will rise 20%. The average King County single-family listing sold in May 9.5% Within a day of being listed this May at $7.2M ($1592/sq.
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