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Housing inventory up almost 40% over last year

Housing Wire

We finally have six weeks of numbers that hit my housing inventory growth model perfectly in 2024. Last year, with higher mortgage rates , we had zero weeks at this level so I am now giving 2024 inventory growth a grade of A. Yes, home prices are still rising in 2024, but the pace is significantly slower than in 2020 and 2021.

Inventory 526
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Builders apply the brakes amid canceled contracts

Housing Wire

For the builders, they have a new problem: they had homes under contract and then mortgage rates jumped in the biggest fashion ever recorded in history. If the builders could, they would take some of the past contracts back, but they’re just stuck with these homes. percent)* above the October 2021 rate of 1,256,000. percent (±8.2

Contracts 545
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Housing inventory falls as mortgage rates drop

Housing Wire

Have we seen the peak in housing inventory for 2024? The best part about 2024 has been that higher mortgage rates have created an inventory buffer, so if the economy gets softer and rates fall, we have many more homes to work with than we had in 2020-2023. Weekly inventory change (Aug.

Inventory 538
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Pending home sales continue to slip as 2021 approaches

Housing Wire

Year-over-year, contract signings increased by 16.4%. “The latest monthly decline is largely due to the shortage of inventory and fast-rising home prices,” said Lawrence Yun, NAR’s chief economist. The post Pending home sales continue to slip as 2021 approaches appeared first on HousingWire. year over year.

Contracts 535
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Pending home sales shock 2021 housing crash bears

Housing Wire

in October — and since we are days away from December, we can officially label the 2021 housing crash bears as even worse than the 2020 housing crash bears. From the National Association of Realtors : “The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, rose 7.5% in October.

Inventory 532
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Housing inventory falls under 1M again as sales collapse

Housing Wire

On Friday NAR reported that total housing inventory levels broke under 1 million in December, dropping to 970,00 units for a population of 330 million people. million in January down to about 4 million in December, We now have total inventory levels near all-time lows again. from December 2021 ($358,800), as prices rose in all regions.

Inventory 541
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How to grow housing supply in 2021

Housing Wire

The reasons for that are solid demographics and low mortgage rates , which will not change much in 2021. For now, though, the low inventory means housing starts have legs to move higher. Existing home inventory is also at all-time lows. Existing home inventory is also at all-time lows. New Home Supply. Hard pass.

Inventory 545