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New listings data falls for third week in a row 

Housing Wire

New listings data has been moving lower over the last few weeks. But, we need to see more growth in new listings data just to grow from 2023 levels. 2023 new listings data was the lowest ever on record, so it’s already a low bar.

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Rising inventory is the most positive housing market story in 2024

Housing Wire

The most positive development in the housing market over 2024 has been the increase in active housing inventory , which is approaching the levels seen in 2019. The peak New listings came in a bit over 75,000 weekly. Weekly inventory change (Dec. 27): Inventory fell from 667,466 to 650,992 The same week last year (Dec.

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The mortgage rate lock-in didn’t start in 2022

Housing Wire

After an initial rush to get to market in Q2 2022, new listings volume fell precipitously. In July 2022, new listings volume per week dropped from 90,000 at the end of June to approximately 74,000 just after the July 4th holiday. By Q1 2015, more than 60% of American homeowners with mortgages had rates locked in under 5%.

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Will we see a Santa Claus rally in mortgage rates?

Housing Wire

While the increase in demand may not be significant, it’s still a positive development, and that’s worth celebrating! Although I underestimated the growth of new listings data during the peak seasonal weeks by 5,000, it is encouraging that we saw growth in 2024. Weekly inventory change (Nov.

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The mortgage rate lock-in didn’t start in 2022

Housing Wire

Researchers developed a framework for estimating the number of home sales in 2024 based on the current levels for mortgage rates. By Q1 2015, more than 60% of American homeowners with mortgages had rates locked in under 5%. We see the same pattern in the new listings rate each week.

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Is mortgage demand really picking up?

Housing Wire

Let’s dig into the data to understand these developments better. Now, context is critical; 2023 new listings data was at the lowest levels ever and 2024 looks to be second in the book. While we aren’t back to the usual trend we had between 2013 and 2019, the fact that we had growth is a plus.

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Are mortgage rates about to fall?

Housing Wire

Here’s the new listings data for last week over the last several years: 2024: 68,843 2023: 61,911 2022: 73,107 Price-cut percentage In an average year, one-third of all homes take a price cut — this is standard housing activity. This is a significant shift, considering 2023 marked the lowest level ever recorded.

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