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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. Although those 2019 levels represent a five-decade low before COVID-19, the market was still functioning better than it did from 2020 to 2023.

Inventory 514
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Is housing market demand starting to weaken?

Housing Wire

Nearly 50% of homes sold for more than their list price during the four weeks ending May 16, but there are signs that housing market demand may be reaching its peak, according to a recent study from Redfin. Mortgage purchase applications also decreased 4% week over week. The post Is housing market demand starting to weaken?

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Eight states now have more unsold inventory than in 2019. Here’s why.

Housing Wire

Unsold inventory of homes on the market has been climbing in the U.S. for two years, right along with rising mortgage rates. According to Altos Research , there are 40% more homes on the market at the end of August 2024 than there were last year at this time. And eight states have more unsold inventory than in 2019.

Inventory 482
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Housing market recovery threatened by mortgage rate pop

Housing Wire

Ironically, a strong employment situation in the country drives the bond market to higher rates. After the recent lows with mortgage rates this week, the 30-year fixed rate jumped back up over 6.5%. The purchase market is slower to respond, and the data now is still showing the positive impact of lower rates of recent weeks.

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Housing Market Tracker: Mortgage rates drop almost 1%

Housing Wire

The housing market welcomed the news of lower mortgage rates last week after four reports showed that the labor market isn’t as tight as it seems and that the fear of 1970s-entrenched inflation was a lousy narrative. Mortgage rates started last week at 6.44% and fell to a low of 6.16% , then ended the week at 6.34%.

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Logan Mohtashami’s 2023 housing market forecast

Housing Wire

The 2022 housing market was savagely unhealthy , with all-time lows in inventory leading to massive bidding wars and price spikes until the Fed put a screeching halt to all of it with rate hikes that resulted in the most significant one-year spike in mortgage rate history. Mortgage rates. Home price s.

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Tight inventory is challenging Illinois’ ‘steady Eddie’ housing market

Housing Wire

Despite the frequency of departures, real estate agents in the state say the housing market remains strong. On the balance, there are still more buyers with their eye on a purchase than there are houses on the market. Statewide, the housing market has a 90-day average Altos Market Action Index score of 44.18