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The health of this housing market: Comparing 2024 data to 2011

Housing Wire

Consider: In the fourth quarter of 2010, 23.1% 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. For the same week this year, the number was 70,606 new listings.

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Existing-home sales have nowhere to go but up in 2024? 

Housing Wire

Elevated mortgage rates and high home prices pushed sales of existing homes down again in October to the lowest monthly pace since August 2010. million, according to the N ational Association of Realtors. Existing-home sales dropped 4.1% in October from the prior month , reaching a seasonally adjusted annual rate of 3.79

Inventory 435
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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. But one positive reason for the low inventory is that homeowners have great financials and aren’t being forced to sell their homes out of stress. NAR: Total existing-home sales receded 4.3%

Inventory 505
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Today’s sellers don’t have to worry about underwater mortgages

Housing Wire

In 2010, more than 23% of homes in America were underwater. Our new listing data for that time period shows there were between 250,000 and 400,000 new listings per week as many sellers with underwater mortgages were forced into a distressed market.

Sellers 239
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An inside look at local housing markets across the country

Housing Wire

Since 2010, Bluff ton’s population has nearly tripled to about 34,000 making it one of America’s fastest growing towns. According to the Hilton Head Area Association of Realtors , the median home sale price jumped 15.3% However, this growth has come at a cost. in 2021 to $330,745. “It It is extraordinarily hot,” emphasized Pierce.

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Expanding Supply, Easing Prices Bring Relief to King County Housing Market

Will Springer Realtor

“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.

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Tis the Season: Monthly Dropoff of King County Housing Sales

Will Springer Realtor

November new listings fell by about half of the previous month’s rate while home prices saw a welcome decline. The number of new listings 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.