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The rules of supply and demand economics always end up winning and weekly newlisting data is key. Newlisting data is growing year over year, but it will be the second-lowest newlisting data ever recorded in history. With more sellers who are buyers, we have a tad more demand this year.
In 2010, more than 23% of homes in America were underwater. Our newlisting data for that time period shows there were between 250,000 and 400,000 newlistings per week as many sellers with underwater mortgages were forced into a distressed market. Therefore, the fact that this data line is just 0.1%
After 2010, qualified mortgage laws were in place, meaning everyone getting a mortgage has to be able to repay the loan. Since most sellers are buyers, inventory should be stable if demand is stable. This is what happened post 2010: The millennials started to buy homes in 2013 and they finance 90% of those homes.
.” One of the housing economic realities that I have been trying to stress this year is that a traditional seller of a home is typically a buyer as well. This explains why total active listing inventory data has been stable over the decades, with the exception of 2006-2011, when those forced distressed credit home sellers couldn’t buy.
Elevated mortgage rates and high home prices pushed sales of existing homes down again in October to the lowest monthly pace since August 2010. While circumstances for buyers remain tight, home sellers have done well as prices continue to rise year-over-year, including a new all-time high for the month of October,” Yun said. “In
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%
I don’t need to see total active listing get back to the historical range of 2-2.5 Newlistings are declining now. One of the issues with existing home inventory has been that, for the most part, a traditional seller is usually a buyer of a home. This is not encouraging news at all, in my view. From Redfin.
It got so bad that I labeled the housing market savagely unhealthy in February and deemed it the worst housing market post-2010, as inventory broke to all-time lows and mortgage rates were simply too low to stop the bidding wars. I have been forecasting since 2010 and I’ve only predicted price declines for 2011 and 2012.
If we are trending below 4 million — a possibility with newlisting data trending at all-time lows — then we have much weaker demand than people think. are different post-2010. As expected, existing home sales fell from February to March since the previous month’s report was intense. Now if we get a few sales prints above 4.6
The median price of the newlistings this week is $399,900. As the summer progresses, each subsequent week of newlistings gets priced at a slight discount to the previous weeks. During the GFC, inventory rose in 2007, 2008, 2009 and 2010. Sellers are in much better shape than they were last year.
Sellers, too, are waiting for the easing of rates before looking for their next home, as estimates show 60% of today’s homeowners possess a mortgage with an interest rate of 4% or less. The single-family housing market is sluggish, as many prospective buyers and sellers have chosen to focus on enjoying the many weeks of beautiful weather.
Further down the funnel are more engaged consumers applying for mortgages, followed by buyers and sellers reaching mutual agreement on a deal, and then happy homeowners moving in at the end of the funnel. Meantime, the number of contract listings – known as Pending sales – rose 6.1% The number of Active listings is another eye-opener.
As interest rates strive to find equilibrium following their sharp decline in 2020, buyers and sellers have had to accept that the era of pandemic-induced low rates is over, ushering in a period of higher monthly mortgage payments. 2023 Sees the Lowest Number of Homes Listed in Thirteen Years In 2023, listings dropped 19.7%
To get a real price crash, we would need to see a surge of housing inventory and distressed sellers. 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 million in September.
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 more difficult it is to sell a condo, the longer the property will sit on the market, and eventually sellers will have to lower the list price to appeal to more buyers. Condo sales are at the lowest point since 2010. This hesitancy, spanning two years, has resulted in the lowest number of newlistings since 2008.
The market is spooking many potential buyers and sellers thanks to stubbornly high mortgage interest rates. Only buyers and sellers who must move are doing so. fewer newlistings, the rate of sales rose 1.7% fewer newlistings (1998) compared to July and 5.0% While there were 5.8% against the previous month.
Annual sales across King County totaled 21,515 homes – down an incredible 24% from the year before and the fewest since 2010 (20,761). And, despite the rise in newlistings, the number of homes still on the market on Feb. Seattle led the way with a 156% increase in newlistings (517) month-to-month and 4.0%
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. Buyers and sellers tiptoed through caution. 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. Um, bye-bye! The number of U.S.
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.
The market favored sellers in the beginning of the year but shifted toward buyers with a burst of activity later in the year, and a rebound is expected in 2025. However, after two years of significant drops, including 2023’s record low since 2010 , 2024 saw a 2.9% increase in newlistings.
Beyond labor strife, America’s home buyers and sellers appear to be on strike as well. October figures from the Northwest Multiple Listing Service strongly suggest prospective buyers and sellers are taking a wait-and-see approach. Newlistings in King were off 26% month-to-month (1583) and Active listings were down 9.4% (2296).
Thats up from 63% in 2010. Science and engineering degrees led the recent surge, increasing from a share of 43% in 2010 to 52% today. increase to $1.1M, according to the Northwest Multiple Listing Service (chart). Buyers and sellers across King County may answer with an Oh, yeah! Census data released last year.
Here’s the key difference between now and 2008-2010: Homeowners have record levels of equity and should be able to tap into that to sell their homes – probably for a profit in this sellers’ market – and avoid foreclosure. The image was taken from a drone above The Parc, a condo in Belltown, where I am promoting one of my newlistings.
HB 1951 would remove “Don’t Know” from the Seller Disclosure Statement that owners complete with the sale of a home. between 2010 and 2020 to edge out Denver (22.9%) and Portland, Ore.-Vancouver, The survey also said that among sellers in the 12 months ending mid-2021, 46% went on to purchase a larger home. >> The U.S.
NAR total inventory since 1982: I prefer the Altos Research weekly single-family data to the NAR data because it gives us a fresh look at not only active listing data but newlisting data. The Altos Research newlisting data is essential in tracking the supply aspect of housing, which is why I include it as part of the Tracker.
. >> 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). I had to share this newlisting because of the fantastic listing video.
The narrow area known as Westlake, just west of Lake Union (and, notably, close to Facebook, Google and Amazon offices), has seen the number of people aged 25-34 double from 2010 to 2019 and now comprise 52% of its residents. Listed at $1,995,000 ($725/sq. Sellers typically ask for back-up buyers. There is so much to love.
Memories of the Great Recession still linger for anyone linked to the real estate industry – including the estimated seven million households that lost their homes to foreclosures around 2008-2010. The average King County single-family listing sold in May 9.5% The sellers are asking $5.288M ($1160/sq. Overall, our county has 0.6
The rate today is the same as in the late 1960s, except during the housing bubble of 2008-2010 when ownership rose – and we know how that ended up! After a continued rise in sales activity through March, the number of Seattle listings under contract and newlistings have eased. month to month (436) and 6.1%
>> The City of Kent reported home prices increased 88% between 2010 and 2018, while incomes for homeowners rose 11% in that time. Some highlights from the Northwest Multiple Listing Service (through July): The combined number of condo, townhome and single-family homes on the market as of Aug. This 4-bed, 3.5-bath
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! We had a lot of stressed sellers back then! Foreclosure data fell quarter to quarter in Q3.
Newlistings data had a slight increase this week from 60,066 to 60,819. However, for 2024, we’ve seen inventory growth and no newlistings data from stressed sellers. Inventory fell from 736,014 to 735,718. The positive story for 2024 os far is that inventory has grown.
The weekly newlistings count is finally getting back closer to the old normal pre-pandemic levels and the number of available homes on the market is the highest its been in many years. There are more sellers , and even though home sales are starting to pick up, the seller volume is moving a little bit faster.
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