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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. million in January 2021 (when mortgage rates were 2.7%) fell to 3.9

Mortgage 417
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NAR: Almost 50% of homes sold for more than list price

Housing Wire

The National Association of Realtors Confidence Index Survey for April reveals how hot the housing market is. Per the report, homes that sold had five offers on average , and nearly 50% of homes sold for more than their list price during the four weeks ending May 16. The pandemic continues to impact how people live and work.”

Realtors 497
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Lower mortgage rates are bringing more borrowers out of the woodwork

Housing Wire

year over year in Q2 2024 and were 61% below peak activity levels of 2021. This rate gap has kept some homeowners from listing their home for sale. Inventory has already started increasing and new listing activity should continue to grow this fall,“ she added. Measured by dollar volume, originations were up 27.6%

Mortgage 474
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Indiana markets are indicative of the Midwest regional housing boom

Housing Wire

Indianapolis-area Realtor Annie Caruso, a founding member of Circle Real Estate, had a buyer coming from the Chicago area for just these reasons. Markets in Indiana could see a burst of new activity because of mortgage rates. That’s led to a rise in new listings in Indianapolis as more homeowners are putting their houses on the market.

Marketing 413
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Chicago housing market normalizing after unprecedented volatility during the pandemic

Housing Wire

According to data from Altos Research , the median home price jumped by almost 20% in the first seven months of the pandemic, then jumped another 11% in the first four months of 2021. This was followed by a 15% crash in the second half of 2021. New listings have stalled as a result of rising inventory.

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Buyers are struggling to compete in the white-hot Cincinnati market

Housing Wire

There is no way you can stay on top of things unless you hire someone to watch new listings pop up every 10 minutes. While DeRoussel’s experience sounds exactly like many of the stories that emerged from the pandemic-fueled homebuying frenzy of 2020 and 2021, this happened just a few weeks ago in early April 2024.

Buyers 424
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Existing home sales data shows extent of housing inflation

Housing Wire

Today the National Association of Realtors reported that existing home sales fell once again to 4.80 With the home-price growth we had in 2020 and 2021, my five-year price-growth model that I set for 2020-2024 of 23% was already smashed in just two years. jump from August 2021 ($361,500), as prices ascended in all regions.

Inventory 476