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Home Prices will fall, but don’t expect 2010. There will be two key differences between 2023 and 2010. First, mortgage lending standards have remained high after the last bubble. As many were quick to point out at the time, the number of newlistings coming onto the market had not fallen. months nationally.
Nor can we ever have a credit sales boom again with lending standards back to normal. Total Inventory had been growing from 2001-2005; total listings data in 2005 was at the higher historical range of 2.5 million listings. I don’t need to see total active listing get back to the historical range of 2-2.5 From Redfin.
Annual sales across King County totaled 21,515 homes – down an incredible 24% from the year before and the fewest since 2010 (20,761). The true barometer will be measured by the number of homeowners who enter the market this year – depending on lending rates and personal factors. That’s a whopping 134% more than December and a solid 7.0%
The Eastside led the way with a 33% drop-off in newlistings (420) and Seattle fell 31% (586). By comparison, there were exactly 2900 newlistings across our county in November 20 years ago. King County’s 1474 monthly home sales is the lowest for any November since 2010 (1331) – in the middle of the housing crisis.
fewer newlistings, the rate of sales rose 1.7% Two data points stood out from the latest report by the Northwest Multiple Listing Service: The aforementioned newlistings for all homes in the county – 2684 – is at a low not seen for an August since records were shared with brokers (like me) dating back to the mid-1990s.
First a look at September’s numbers: A wave of last-chance listings for the year hit the market after Labor Day. That increased newlistings by 7.5% (2884) and available homes on the market by 12% (3602) between Sept. Seattle alone saw a 29% (1213) monthly increase in newlistings. 1 and Oct. on the year.
The region’s real estate scene in 2023 will be remembered for rising home prices and scant newlistings. As the year dims, all eyes fixate on 2024’s potential: a hopeful dance fueled by dreams of lower rates and a wave of new homes for sale. Buyers and sellers tiptoed through caution. Um, bye-bye! The number of U.S.
Sales activity across the county is at historic lows; no October has experienced fewer listings in King County – not even close – since at least 1992 when records were first archived online. Newlistings for all home types in King County stood at 2157, a whopping 25% drop from September to October. Closed sales fell 0.9%
. >> The Puget Sound region suffered from a severe lack of new construction in the decade ending in 2020, according to U.S. Kitsap County had the fewest number of units built per household formed between 2010 and 2020 (0.55). That was within the 28% ceiling considered affordable by common lending standards.
While investors of mortgaged securities help dictate their interest rates, the Federal Reserve is behind the scenes influencing the overall lending environment. Waller went on to say this adjustment is in no way like the horrific housing/financial crises of 2007-2010. That’s the first time a Fed official has acknowledged the U.S.
None of that action has been happening for 14 years because the credit market changed after the 2010 qualified mortgage rule. FICO score data The FICO score data is the sexiest economic data in America — it’s been hot since 2010! Also, back in 2010, over 23% of homes were underwater; today, it’s the lowest percentage ever.
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