Remove 2011 Remove Contracts Remove New Listings
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The health of this housing market: Comparing 2024 data to 2011

Housing Wire

Let’s look specifically at the current market data compared to 2011. Why choose 2011? The housing bubble crash years of 2008-2011 saw a surge in foreclosures due to the lack of selling equity and this also profoundly impacted housing demand. Last week in 2011, 396,955 homes hit the market without a contract.

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New listings data is growing and prices still aren’t crashing

Housing Wire

The rules of supply and demand economics always end up winning and weekly new listing data is key. New listing data is growing year over year, but it will be the second-lowest new listing data ever recorded in history. This contract data will grow if mortgage rates head lower and stay lower.

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Existing home sales are working from a historic low bar

Housing Wire

Our housing market tracker counts weekly active single-family listings, those homes that aren’t in the contract, and the raw available number of homes for sale. This is why the Altos Research numbers we cite are always smaller than the NAR numbers, which accounts for all home types and those in contract.

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Housing inventory falls under 1M again as sales collapse

Housing Wire

The one period where this didn’t happen was from 2006-2011, when credit forced Americans to sell, to rent or to be homeless. During that period, we saw new listing data decline. The Federal Reserve did not like the homebuying atmosphere during COVID-9, especially the non-contingent buying contracts.

Inventory 541
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Mortgage rates hold steady at key level for now

Housing Wire

17-24), Inventory fell from 437,282 to 430,395 The recent inventory bottom was in 2022 at 240,194 The inventory peak for 2023 was 569,898 For context, active listings for this week in 2015 were 958,304 New listings data New listings data is growing year over year and increasing week to week, but I wish we were seeing more significant growth.

Mortgage 505
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Existing home sales data shows extent of housing inflation

Housing Wire

From NAR Research : “Total existing-home sales notched a minor contraction of 0.4% Existing home sales have more legs to go lower, especially now that new listing data is falling. However, it’s not the market of 2002-2011. from July to a seasonally adjusted annual rate of 4.80 million in August.”

Inventory 482
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Massachusetts 2023 Year in Review

Lamacchia Realty

This report breaks down sales, average prices, the number of active listings, and how many listings went under contract for 2023 compared to 2022 and discusses what is predicted to unfold in 2024. Lowest number of homes listed in recorded history, decreased by 18.7% Average prices for closed sales increased by 3.4%